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 http://www.dol.gov/elaws/ebsa/fiduciary/q4a.htm.  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.

Thanks for reading and have a wonderful day!   Please sign up for my blog and follow me on twitter @ChristineGurney.

Advertisements

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

Selecting a Third Party Administrator (TPA) for Retirement Plan – Part I When You Resign as a Fiduciary

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Trackback this post  |  Subscribe to the comments via RSS Feed


Christine Gurney

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

@ChristineGurney

Enter your email address to follow this blog and receive notifications of new posts by email.

Vote in Today’s US Midterm Elections

I Voted

%d bloggers like this: