401k Plan – Fiduciary Responsibilities

Am I a Fiduciary? Steps 1-6 explain.

  1. Businesses that offer a 401(k) plan to their employees are considered a Fiduciary.
  2. The employee of this company that oversees the 401(k) plan is considered the Fiduciary Representative.
  3. You are a Fiduciary which means you are legally held to the highest standard.
  4. The Fiduciary Representative and the Company offering the 401(k) are held liable if anything is done that is NOT in the best interest of plan participants.
  5. Which means you are held responsible for every action taken by Third Party Administrators, Plan Providers and Financial Advisors.
  6. To protect yourself, seek an Advisor who is also held to the Fiduciary Standard, to ensure participant interests always come first.

 

An Excerpt from the Department of Labor’s guide: Meeting Your Fiduciary Responsibilities.

 

Department of Labor – Resource Center

Department of Labor – Meeting Your Fiduciary Responsibilities

Department of Labor – A look at 401(k) fees

Do you have additional questions? Contact us directly or schedule a 401(k) evaluation today.