What is a plan fiduciary and, as a plan sponsor, am I a plan fiduciary?

A plan fiduciary is someone who assumes decision-making authority or control over the administration of the plan, or who is paid to give investment advice regarding plan assets. The definition depends on the functions a person performs and not on the person’s title. Plan service providers such as actuaries, attorneys, accountants, brokers and record keepers are not fiduciaries unless they exercise discretion or are responsible for the management of the plan or its assets.

As an employer sponsoring a retirement plan, you are always deemed a plan fiduciary under the law.

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