Good question, although complicated. Generally, ERISA says a fiduciary is anyone who “exercises discretionary control or authority over a plan.” This may include someone who has access to plan funds or assets, who makes decisions on what an employee or plan participant gets from a plan, provides investment advice, or is responsible for the monitoring or investing of plan assets. Simply stated, there is a good chance multiple people will be considered a “fiduciary” under ERISA. Because fiduciaries must act “solely in the interest of participants” for the “exclusive purpose of providing benefits,” the duties imposed on you as a fiduciary are nothing short of extraordinary. Avoiding conflicts of interest, diversifying a plan portfolio, following the plan documents, and staying current with your investment strategies are imposed upon a plan fiduciary. Failure to follow these principles will lead to civil liability, including personal liability, and potentially criminal liability. Moreover, yes, ERISA does have criminal statutes contained in its framework. If you believe a plan fiduciary has violated its duties, or you are a plan fiduciary being sued for an alleged breach of fiduciary duty, Feldman Fox & Morgado is interested in examining your case. Please feel free to email us the basic facts for a case review. Emailing us to review a case or legal matter will not cause you to incur legal fees. |
