What You Need to Know about Retirement Plan Fiduciary Obligations & Risk Management

Content Summary

As a plan fiduciary, plan sponsors must operate their plans exclusively for the benefit of participants and beneficiaries. They can be held personally liable for failing to fulfill their fiduciary obligations to their plan participants and, potentially, face costly civil and criminal penalties. Plan sponsors can never shed themselves fully of fiduciary responsibility with respect to their plans, regardless of the type or number of service providers they may enlist. The question then becomes, is there a way for plan sponsors to manage the scope of their fiduciary liability?

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