ERISA Fiduciary Duties: What Plan Sponsors Must Know

ERISA imposes strict fiduciary duties on individuals who manage or control benefit plans. These duties exist to protect plan participants and beneficiaries.

Fiduciary Responsibilities Explained

ERISA fiduciaries must act in the best interests of plan participants, manage plan assets prudently, and follow plan documents.

Common Fiduciary Mistakes

• Inadequate oversight of TPAs

• Failure to follow plan documents

• Poor documentation and reporting

  
  

Understanding fiduciary responsibilities helps plan sponsors reduce legal risk and maintain compliance.