Reducing Your Fiduciary Responsibility
Are you a fiduciary on your company’s retirement plan?
Do you know what that means for you if you are?
Do you also know that the United States is the only country that holds retirement plan fiduciaries personally liable for the investment decisions made on behalf of a company’s plan?
Hagan Newkirk would like to give you a few suggestions for reducing your fiduciary liability. But first, let’s identify what a ‘fiduciary’ is and what are their responsibilities. In general terms, a fiduciary is a person who owes a duty of care and trust to another and must act primarily for the benefit of the other in a particular activity. For retirement plans, the law defines the actions that result in fiduciary duties and the extent of those duties.