AM I A PLAN FIDUCIARY?
If you exercise control and decision-making power over the organizations retirement benefits and plan, then you are most likely a plan fiduciary.
Most who are fiduciaries may not have this title within the company or organization. Regardless of the title you hold, fiduciary status is based on the functions that the person performs for the plan, not just the person’s title.
AM I PERSONALLY LIABLE?
Yes, plan fiduciaries can be held personally liable for plan decisions and negligence. Fiduciary duty is extremely important, but it is something that can be taken on with the right support.
HOW CAN I PROTECT MYSELF?
ERISA is about following and documenting a prudent process. Take time to document all meeting minutes and plan actions. Always act in the best interests and towards the exclusive benefit of your plan participants.
HOW CAN I PROTECT MY BUSINESS?
Document and follow a prudent process. Seek advice and counsel from experienced professionals.
