A: Are you a fiduciary?
Generally, fiduciaries are persons who owe a duty of care and trust to another and must act primarily for the benefit of the other.
ERISA fiduciaries may be named in plan documents or may earn the position based on the functions they perform (e.g., the exercise of discretionary authority or control with respect to the management of the plan or the disposition of the plan’s assets).
B: What does Being a fiduciary mean?
Being a fiduciary means you’re subject to “extra” duties. You have to think about what’s best for the person(s) for whom you’re serving as fiduciary above all else.
ERISA fiduciaries are required to fulfill specifically identified duties like the duties of loyalty and care.
C: How should you Complete your fiduciary duties?
Make sure there are processes and/or procedures in place to ensure that you’re fulfilling your duties on an ongoing basis, actually engage in those processes and/or procedures on an ongoing basis, and document, document, document that you’ve done so.
Note: Our above commentary is not exhaustive. If you serve in a fiduciary capacity, you should ensure that you’re aware of your duties and have a plan in place to fulfill those duties.