Taking Charge of Your Fiduciary Responsibilities

As a plan sponsor and a plan fiduciary, you have taken on certain responsibilities, intended to protect the plan’s participants and beneficiaries, which were established by the Employee Retirement Income Security Act of 1974 (ERISA) and are monitored by the U. S. Department of Labor (DOL).

This guide is designed to help you understand these responsibilities and how to effectively manage the retirement plan you offer your employees.

Inside the guide you’ll find:

  • What is a fiduciary
  • What are the basic fiduciary responsibilities
  • How ERISA Section 404(c) can help limit your liability
  • The importance of documentation
  • Why you need an Investment Policy Statement
  • How to approach the investment selection and monitoring process
  • What you need to communicate to participants
  • Your plan administration responsibilities

This information was developed as a general guide to educate plan sponsors, but is not intended as authoritative guidance or tax or legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation. In no way does advisor assure that, by using the information provided, plan sponsor will be in compliance with ERISA regulations.

For plan sponsor use only – not for use with participants or the general public.

Securities offered through LPL Financial, member FINRA & SIPC. Investment advice offered through Global Retirement Partners, LLC (GRP) a registered investment advisor. GRP, Washington Financial Group and Hub International are separate and unaffiliated with LPL Financial.