What is a plan fiduciary?
ERISA generally provides that a person is a plan fiduciary to the extent the fiduciary exercises any discretionary authority or control over management of the plan or exercises authority or control over management or disposition of its assets, renders investment advice for a fee or other compensation, or has any discretionary authority or responsibility in the administration of the plan. The employer and officers or directors of the employer are only fiduciaries of a plan to the extent they meet ERISA’s definition of a plan fiduciary. Such persons often are not fiduciaries with respect to a plan because they do not have authority or exercise authority with respect to fiduciary functions. 3. What is the responsibility of a plan fiduciary with respect to investment decisions made by the fiduciary? ERISA contains general fiduciary standards that apply to all fiduciary actions, including investment decisions made by fiduciaries. ERISA requires that a plan fiduciary must discharge its dutie
