What are Fiduciaries requirements under ERISA?
Fiduciaries are required to perform their duties solely in the interest of the plan participants and their beneficiaries. Fiduciaries must exercise the care, skill, prudence, and the diligence of a prudent person who is acting in a like capacity and is familiar with such matters. This is a commonly referred to as the “prudent expert” rule. Erisa requires that the fiduciary be an expert in his or her duties , not just a “prudent person”.
