Articles for Fiduciary Matters
This article was a bulletin written by Andy Williams of the Golan & Christie law firm. In the article he expresses the fiduciary duty of the employer, and the steps plan sponsors should take to help their plan fiduciaries.
Just ask any large 401k plan sponsor and they will tell you. You are indeed the captain of this fiduciary vessel, and a good captain should go down with the ship…right?
Anyone having discretionary authority with respect to your 401k Plan is considered a Fiduciary under ERISA; including members of an investment committee. As a Fiduciary you must act as a prudent expert solely in the best interests of Plan Participants.