Determining Fiduciaries

August 20, 2012 at 12:09 pm Leave a comment

The EBSA has a resource describing who is a fiduciary for retirement plans on their website at  If you are a plan fiduciary, it is important to note that the government has created a high standard of ethics and accountability for fiduciaries.  Currently, the page defines plan fiduciaries generally as

Trustees (declared in the plan document)

Investment advisers

Individuals who choose plan committee members

However, fiduciaries are not limited to the list above.  The test to be aware of regardless of your position is whether you have “discretion” in administering and managing the plan or the plan’s assets.  Essentially, this is saying that if you exercise your own judgement rather than performing just ministerial functions, you are acting with discretion.   The discretion applies to managing the plan or investments.

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Entry filed under: Ethics, Retirement. Tags: , , , , , , , , , , , , , , , .

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Christine Gurney

A pension professional who shares her thoughts and ideas about the pension world for industry members and anyone else interested.

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