Fiduciary Roles in a 401(k) Plan

Who serves as a Fiduciary?

• Employer:
  • Named fiduciary
  • Plan administrator
  • Trustee
• Appointed fiduciaries:
  • Owners
  • Officers and key executives
  • Board members
  • Committee members
• Service Providers:
  • Providing advice for a fee

Who does NOT serve as a fiduciary?

• Service providers:
  • Brokers/sales reps who make “recommendations” or collect commissions
  • Record-keepers
  • Third-party administrators
  • Custodians
  • Attorneys
  • Accountants
• Employer:
  • Plan sponsor in establishment, decisions to alter or amend a plan