NAMED FIDUCIARY 402(a)
- Lead employer/plan sponsor
- Selects, evaluates, and monitors plan fiduciaries & service providers
- Discretionary authority for traditional plan sponsor’s responsibilities
INVESTMENT FIDUCIARY
3(38) Fiduciary Role
- Discretionary authority over plan investment options
- Selects, monitors, & manages plan’s investment menu
- Chooses plan’s QDIA
3(21) Co-Fiduciary Role
- Non-discretionary authority over plan’s investment options
- Monitors investment options and makes recommendations to committee
- Recommends plan’s QDIA
ADMINISTRATIVE FIDUCIARY 3(16)
- Produces plan disclosures
- Files & signs plan form 5500
- Processes withdrawals/distributions
- Manages all plan documents, data & reports
PLAN TRUSTEE
Discretionary Trustee
- Exclusive authority and discretion to manage & control plan assets
- Employee of the company or outsourced third party
Directed Trustee
- Subject to the direction of a named fiduciary
- Significantly narrower scope of duties and limited fiduciary liability
