---
title: "Retirement Plan Fiduciary Responsibilities"
date: 2015-10-05
author: "Site Admin"
featured_image: "https://pinnacle-plan.com/wp-content/uploads/2015/02/Fiduciary.avif"
categories:
  - name: "Newsletters"
    url: "/category/newsletters.md"
---

# Retirement Plan Fiduciary Responsibilities

[![Plan Fiduciary Responsibilities](http://pinnacle-plan.com/wp-content/uploads/2015/02/Fiduciary.png)](http://pinnacle-plan.com/wp-content/uploads/2015/02/Fiduciary.png)View This Newsletter: [Retirement Plan Fiduciary Responsibilities](http://pinnacle-plan.com/wp-content/uploads/2015/06/2015-Benefit-Insights-October-November.pdf)

Overview:

- Who or what is a fiduciary? 
    - Being named in the plan document or being appointed as a fiduciary;
    - Exercising discretionary authority or control over plan assets and/or the management of the plan; or
    - Providing investment advice for a fee
- Fiduciary Duties 
    - Act with the care, skill, prudence and diligence of a prudent person who is familiar with retirement plan matters;
    - Follow the plan documents;
    - Pay only reasonable plan expenses;
    - Diversify plan investment; and
    - Avoid conflicts of interest and self-dealing in directing plan transactions.
- Consequences of a fiduciary breach 
    - Personal liability
    - Error correction programs
- Steps to limit liability 
    - Documenting decision-making processes
    - Monitoring plan expenses
    - Letting participants direct their accounts
    - Avoiding prohibited transactions
    - Bonding and insurance
- Administrative responsibilities 
    - Timely deposit of employee contributions
    - Reporting and disclosure requirements

This newsletter provides a great overview of plan fiduciary responsibilities. For more information on this topic, visit the Department of Labor (DOL) website [Meeting Your Fiduciary Responsibilities](https://www.dol.gov/sites/default/files/ebsa/about-ebsa/our-activities/resource-center/publications/meeting-your-fiduciary-responsibilities.pdf).

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Pinnacle Plan Design is a third-party administrator (TPA) for employer-sponsored qualified retirement plans. We specialize in retirement plan design, administration and actuarial consulting for 401(k)/profit-sharing plans, defined benefit plans, cash balance plans, and 403(b) plans. Pinnacle Plan Design proudly serves businesses nationwide.