ERISA
ERISA Fiduciary Duties for 401(k) & Health Plans
If you sponsor a retirement or health plan, ERISA likely applies and creates fiduciary responsibilities. That means acting solely in participants’ interests and following the plan document.
- Know who the fiduciaries are (and document it).
- Maintain a current SPD and plan file with key notices and amendments.
- Review plan fees and investments annually; document the process.
- Use a committee charter and minutes to show prudent oversight.
Quick checklist:
- Create a plan‑file checklist and fill gaps this quarter.
- Schedule an annual vendor review with benchmarked fees.
- Confirm timely remittance of employee contributions.
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