Understanding retirement plan-related roles and responsibilities

by Richard Allison, SWBC BusinessHUB

As a retirement plan sponsor, to ensure your organization is compliant with the Employee Retirement Income Security Act (ERISA) regulations, it’s critical to understand everyone’s role as it relates to fiduciary responsibility.

Although a person’s fiduciary status under ERISA is typically determined by the person’s function rather than title, persons holding the following titles will automatically be considered fiduciaries:

1. Plan Administrator

Per ERISA, businesses must have a “plan administrator” designated under their plan. The plan administrator is responsible for managing the plan’s daily operations. These responsibilities are determined by ERISA and the terms of the plan. An individual, a committee, or the plan’s sponsoring employer can function as the plan administrator.

 

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