Misconceptions of Fiduciary Responsibilities Persist

“As we found in prior defined contribution (DC) plan sponsor surveys, many plan sponsor representatives who oversee their companies’ 401(k) or other DC plans don’t realize that they are fiduciaries under the Employee Retirement Income Security Act (ERISA). And some believe they can offload all of their fiduciary responsibilities for investments to a third party. Plan sponsors who harbor misperceptions like these or who are unaware of their fiduciary status risk violating ERISA’s fiduciary standards, harming participants and exposing themselves and their firms to liability.” Click here to keep reading.

Source: J.P. Morgan