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Fiduciary Insurance.com |
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Protecting the assets of Plan Fiduciaries |
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Who is a Fiduciary under ERISA? ERISA fiduciaries are either named in the plan document or are identified by the function they perform for the plan. Since fiduciary status may be based on a person’s conduct rather than his title, it is possible to be a fiduciary without being aware of it. Regardless of whether he has knowledge of his status, an ERISA fiduciary must :
–(1) act for the exclusive purpose of providing retirement benefits to plan participants
–(2) fulfill a duty of loyalty to the participants
–(3) act prudently
–(4) avoid conflicts of interest and acts of self-dealing known as prohibited transactions.
•If you receive compensation for which you have the responsibility to provide investment advice or for which you actually provide investment advice, you are a fiduciary. |
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.
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