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Are You A Fiduciary?

Many people are fiduciaries of a retirement plan without even knowing it.

The many ways one can become a fiduciary of an employee-benefit plan include these:

* A document – which doesn’t have to be a “formal” plan document, and could be just a memo or even an e-mail - names you (often by a job title) as a plan administrator, plan manager, claims administrator, committee member, trustee, or other fiduciary.

* Your employer appoints you (sometimes by a job title) as a plan administrator, plan manager, claims administrator, committee member, trustee, or other fiduciary.

* You weren’t appointed to any position concerning the plan, but you participated in a decision about

* a claim under the plan;

* how to operate the plan;

* selecting anyone who provides services concerning the plan;

* getting or using the plan’s money, investments, or rights.

* You explained the plan to someone who could believe that you’re responsible, or that those who are responsible support what you said.

* You have power to appoint any fiduciary (or anyone described above).

* You have power to decide who will have power to appoint a fiduciary.

* You haven’t been granted power to appoint a fiduciary, but you picked someone to “run the plan”.

* You have power to remove someone who’s a fiduciary (or anyone described above).

These are just a few of the many ways that someone who has responsibility for a business or an employer organization can become a fiduciary of an employee-benefit plan.

If you might be a fiduciary, look at If you’re a fiduciary and Why a fiduciary must get a lawyer’s advice.

For more information, contact Fiduciary Guidance Counsel at (215) 732-1552 or send an email.

Fiduciary Guidance Counsel
504 South 22nd Street
Philadelphia, PA 19146
(215) 732-1552
Fax (215) 689-2930
Email peter@fiduciaryguidancecounsel.com

Copyright 2007-2010, Peter Gulia and Fiduciary Guidance Counsel,
504 S. 22nd Street, Philadelphia, PA 19146, (215) 735-1552, Fax (215) 689-2930.

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