Chapter 12

Fiduciary Responsibility

Introduction

As a person is growing up, he or she is always encouraged to become more responsible. In the world of employer-sponsored plans, the responsible parties are called fiduciaries and they are rightly held to a high standard to protect the participants’ best interests. Fiduciaries are actually personally liable for any wrongdoings. This knowledge creates a need to be laser focused upon what can and cannot be done with plan assets. This is a good thing for plan participants, but the degree of restrictions creates a high hurdle for individuals to be willing to become plan fiduciaries. Because of this, there are some measures that can reduce the burden for a fiduciary. You will learn about some of the ...

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