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jq80307

What is the primary responsibility of fiduciaries under Employee Retirement Income Security Act (ERISA)?

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Answered by Rachel Green
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Primary responsibility of fiduciaries under Employee Retirement Income Security Act

 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. They must follow the terms of plan documents to the extent that the plan terms are consistent with ERISA. They also must avoid conflicts on behalf of the plan that benefit parties related to the plan, such as other fiduciaries, service providers, or the plan sponsor.
jca68888
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Written 2 years ago
 
 
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