Retirement Plans, Benefits & Savings
The Employee Retirement Income Security Act (ERISA) protects your plan's assets by requiring that those persons or entities who exercise discretionary control or authority over plan management or plan assets, anyone with discretionary authority or responsibility for the administration of a plan, or anyone who provides investment advice to a plan for compensation or has any authority or responsibility to do so are subject to fiduciary responsibilities. Plan fiduciaries include, for example, plan trustees, plan administrators, and members of a plan's investment committee.
The primary responsibility of fiduciaries is to run the plan solely in the interest of participants and beneficiaries and for the exclusive purpose of providing benefits and paying plan expenses. Fiduciaries must act prudently and must diversify the plan's investments in order to minimize the risk of large losses. In addition, they must follow the terms of plan documents to the extent that the plan terms are consistent with ERISA. They also must avoid conflicts of interest. In other words, they may not engage in transactions on behalf of the plan that benefit parties related to the plan, such as other fiduciaries, services providers or the plan sponsor.
Fiduciaries who do not follow these principles of conduct may be personally liable to restore any losses to the plan, or to restore any profits made through improper use of plan assets. Courts may take whatever action is appropriate against fiduciaries who breach their duties under ERISA including their removal.
Provides publications and other materials designed to assist employers and employee benefit plan practitioners in understanding and complying with the requirements of ERISA as it applies to the administration of employee pension and health benefit plans.
Your Pension: A Quick Reference Guide
Provides an overview of the rules that protect pension plans, including 10 warning signs that your 401(k) contributions are being misused.
Retirement Plan Fees And Expenses
Provides information for asking the right questions to better understand and evaluate the fees and expenses related to your 401(k) plan.
401(k) Plan Fees Disclosure
Provides employers with a way to get uniform information on fees from prospective plan service providers to make apples to apples comparisons of prospective plan service providers.
What You Should Know
About Your Retirement Plan
Provides information about ERISA as it pertains to retirement plans.