ERISA Fiduciary Services

Fiduciary concerns top the list for many retirement plan sponsors, and for those it doesn’t, it probably should based upon the associated liability exposure. Comprehensive fiduciary management addresses all aspects of a retirement plan with strict adherence to the multiple responsibilities mandated by ERISA.

Those fiduciary responsibilities, as summarized in the Department of Labor Publication entitled “Meeting Your Fiduciary Responsibilities,” are as follows:

  • Acting solely in the interest of plan participants and their beneficiaries and with the exclusive purpose of providing benefits to them;
  • Carrying out duties prudently, and acting with the skill, care, diligence and good judgment of a professional with expertise in such matters;
  • Following the provisions of the plan documents (unless inconsistent with ERISA);
  • Diversifying plan investments; and
  • Paying only reasonable expenses

Retirement plan fiduciaries have important, explicit responsibilities and are subject to standards of conduct because they act on behalf of participants and their beneficiaries. For many plan sponsors today, the prudent course of action has been appointing outside professionals to assume these important responsibilities, thus minimizing their fiduciary duties and corresponding liabilities.

Due to the breadth and depth of resources available to Schneider Downs Wealth Management Advisors, it is uniquely qualified to assume the role of being a plan’s named fiduciary as described under ERISA 3(21) or acting as the plan’s Investment Manager as detailed under ERISA 3(38). To learn more about how our unique capabilities might improve your plan operations and reduce your fiduciary liabilities simply contact SDWMA RPS Partners Karl Kunkle or Jeff Acheson. Or Contact Us.