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Fiduciary Roles

Acting as a fiduciary is an essential part of INTRUST’s core services. It’s who we are. Serving as a fiduciary affects how we think and how we operate. As the trustee of your plan, INTRUST is required by ERISA to act solely in the best interest of plan participants and beneficiaries. But what, exactly, does that mean? Why is this concept so vital? There’s a lot of talk these days about fiduciary responsibilities, let’s first explore a few key definitions:


Plan Fiduciary

According to ERISA §3(21)(A), a plan fiduciary is a person who “exercises any discretionary authority or discretionary control [regarding] the management or disposition of [the plan] assets … “. A named fiduciary is a person or entity specifically named in the plan document or appointed by the plan sponsor to serve in a fiduciary capacity. A functional fiduciary is a person or entity whose fiduciary status arises from the functions performed and can include the following entities:


  • Investment committees
  • Those responsible for selection and monitoring of the plan’s service providers
  • Those exercising any influence or any discretionary authority over the plan

Named Fiduciary

A named fiduciary is a person or entity specifically named in the plan document or appointed by the plan sponsor to serve in a fiduciary capacity. As the plan sponsor, you are a named fiduciary. The responsibilities of a named fiduciary include:


  • Acting solely in the best interest of plan participants and their beneficiaries
  • Carrying out fiduciary duties with care, skill, prudence and diligence
  • Acting in accordance with the plan documents
  • Diversifying plan investments to minimize risk of loss unless it is prudent not to do so
  • Paying reasonable plan expenses

My business offers a 401(k) Plan. How can I be sure I'm managing it efficiently?

Watch INTRUST Retirement's Bill Bequette explain what it means to be a fiduciary partner and how INTRUST Retirement has designed its services to make managing your company's 401(k) as simple as possible.

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