Fiduciary Responsibilities

ERISA, the federal law covering qualified retirement plans (see Section I), requires accountability of plan fiduciaries, and it gives plan participants the right to file suit and seek remedy for certain situations. ERISA generally defines a fiduciary as anyone who exercises discretionary authority or control over a plan's management of assets, including anyone who provides investment advice to the plan. Fiduciaries are required under ERISA to do the following:

• Make decisions based solely on the best interests of plan participants;
• Be prudent when carrying out their duties;
• Follow the plan document (unless inconsistent with ERISA);
• Diversify plan investments; and
• Pay only reasonable plan expenses.

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