A fiduciary is any person or entity named in the plan document (e.g., the plan sponsor and trustee), any person or entity that has discretionary authority over the management of a retirement plan or its assets, or any person or entity that offers investment advice with respect to plan assets, for a fee.
Fiduciaries must act solely in the interests of plan participants; must act with care, skill, prudence, and diligence; have a responsibility to diversify plan investments; and must act in accordance with the plan document.
All actions taken by a fiduciary must be for the exclusive benefit of plan participants and beneficiaries, and with an eye toward defraying the reasonable expenses of running the plan. Note also that the Prudent Man Rule (ERISA section 404(a)(1)(B)) requires that a plan fiduciary use the "care, skill and diligence" that would be used by a reasonably prudent person familiar with "such matters."
May 20, 2013
Mesirow Fiduciary Services Available on RPG Platform
Mesirow Fiduciary Services Available on RPG Platform
May 20, 2013 (PLANSPONSOR.com) – Mesirow Financial and RPG Consultants announced an alliance for 3(38) fiduciary services.
Kevin McGuinness
editors@plansponsor.com
Investment fiduciary services for Mesirow, a Chicago-based retirement solution
May 03, 2013
Meeder Launches Fiduciary Service
Meeder Launches Fiduciary Service
May 3, 2013 (PLANSPONSOR.com) – Meeder Investment Management announced the launch of its 3(38) fiduciary service.
Kevin McGuinness
editors@plansponsor.com
The Ohio-based money management firm developed the service in response to strong demand from advisers and
April 23, 2013
The Changing Role of Adviser
The Changing Role of Adviser
DC Plan Administration
PLANSPONSOR staff
If you could step into a time machine and go back to 1993,
says Trisha Brambley, president of Retirement Playbook Inc. in New Hope,
Pennsylvania, you would see a very different kind of adviser supporting
retirement plans—“and we’d
April 22, 2013
FRA Launches ERISA Litigation Blog
FRA Launches ERISA Litigation Blog
April 22, 2013 (PLANSPONSOR.com) – Fiduciary Risk Assessment (FRA)/PlanTools has launched a blog and companion ERISA Litigation Index.
PLANSPONSOR staff
editors@plansponsor.com
The blog features contributions from Managing Director David J.Witz, Director of Fi