A retirement plan fiduciary may be identified in the plan document. However, an individual may be considered a fiduciary whether explicitly named as one or not. Anytime you are considered a decision maker on a retirement plan, such as the plan administrator, a retirement plan committee member, or a trustee, then you may be personally liable for your company’s retirement plan investments.
If you find yourself making decisions regarding your company’s retirement plan, then it is likely you are considered a fiduciary. If so, you are obligated to make decisions that benefit your employees and their beneficiaries. Clearly defining who is and is not a fiduciary is the first step to helping you understand and identify fiduciary responsibility. Contact us for a no-cost review and analysis of your plan.