A fiduciary is any person or entity named in the plan document (e.g., the plan sponsor and trustee), any person or entity that has discretionary authority over the management of a retirement plan or its assets, or any person or entity that offers investment advice with respect to plan assets, for a fee.
Fiduciaries must act solely in the interests of plan participants; must act with care, skill, prudence, and diligence; have a responsibility to diversify plan investments; and must act in accordance with the plan document.
All actions taken by a fiduciary must be for the exclusive benefit of plan participants and beneficiaries, and with an eye toward defraying the reasonable expenses of running the plan. Note also that the Prudent Man Rule (ERISA section 404(a)(1)(B)) requires that a plan fiduciary use the "care, skill and diligence" that would be used by a reasonably prudent person familiar with "such matters."
August 20, 2010
Firm Releases New eFiduciary.net Version
Firm Releases New eFiduciary.net Version
August 20, 2010 (PLANSPONSOR.com) – A Rochester, New York-based software developer, has unveiled a new version of its eFiduciary.net Web application.
PLANSPONSOR staff
editors@plansponsor.com
A news release from FCRC Apps said version 2.0 is built on a n
August 18, 2010
Law Firm Investigates Potential ERISA Violations by GlaxoSmithKline
Law Firm Investigates Potential ERISA Violations by GlaxoSmithKline
August 18, 2010 (PLANSPONSOR.com) - Holzer Holzer & Fistel, LLC is investigating potential violations of the Employee Retirement Income Security Act (ERISA) by GlaxoSmithKline plc.
PLANSPONSOR staff
editors@plansponsor.com
August 17, 2010
Court Dismisses Claims against State Street over Mortgage-Backed Investments
Court Dismisses Claims against State Street over Mortgage-Backed Investments
August 17, 2010 (PLANSPONSOR.com) – A federal court has found that State Street Bank and Trust and State Street Global Advisors did not breach its fiduciary duties to a plan sponsor relating to investments in the SSgA Yield Plus Fund.
August 13, 2010
KeyCorp Stock Drop Case Dismissed
KeyCorp Stock Drop Case Dismissed
August 13, 2010 (PLANSPONSOR.com) – A stock drop lawsuit has been dismissed, according to plaintiffs’ attorneys.
Nevin E. Adams
editors@plansponsor.com
A press release from Stull, Stull & Brody says that on August 12, 2010, the United States