Retirement Plan Sponsors/Employers

Other parties involved in the Retirement Plan include:

• The Named Fiduciary – This is the person(s) who have authority to control and manage the operation of the Plan. A fiduciary is an individual who owes a duty of care and trust to another individual. For retirement plans, the law defines the actions that result in fiduciary duties and the extent of those duties:
  • Acting solely in the interest of the participants and their beneficiaries
  • Acting for the exclusive purpose of providing benefits to employees participating in the plan (and their beneficiaries) and defraying reasonable expenses of the plan
  • Carrying out duties with the care, skill, prudence and diligence of a prudent person familiar with these matters
  • Following the plan documents
  • Diversifying plan investments
• Trustee(s) – Typically the owner(s) of the business and trust companies are also an option
• Plan Administrator – Business owner, CEO, CFO or HR Manager
• Third Party Administrator – Benefit Equity Inc.
• Broker of Record – Individual listed with Custodian or Record Keeper receiving a fee or commission for plan investment services.

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