Protecting the personal assets of plan fiduciaries
Who is a Fiduciary under ERISA ?
The Wagner Law Group:
This definition provided courtesy of Marcia S. Wagner, Esq - The Wagner Law Group
The Wagner Law Group is a a Massachusetts-based law boutique, specializing primarily in the pension, compensation and employee benefits (ERISA) realms.
ERISA fiduciaries are named in the plan document, but may also be defined by the functional role they perform for the plan.
Since fiduciary status may be based on a person’s conduct rather than their title, it is possible to be a fiduciary without being aware of it. Common examples of this would relate to individuals in an administrative and/or human resources position.
Regardless of knowledge of their status, an ERISA fiduciary must comply with five general standards in the administration of a plan,
- acting solely in the interests of plan participants and beneficiaries and with the exclusive purpose of providing benefits to them,
- exercising prudence in running the plan,
- making sure the investments are diversified,
- adhering to plan documents, and
- paying only reasonable plan expenses
