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Evaluating your Fiduciary Responsibility*
According to Section 402(b) of ERISA, Plan Sponsors must "provide a procedure for establishing and carrying out a funding policy in a method consistent with the objectives of the plan." Sponsors are urged to establish procedures for investment-related decision-making. Implementing an Investment Policy Statement is a good way to document these procedures.
Given all that has happened over the past several years, there is greater concern about fiduciary responsibility than ever before. At ADP our goal is to make the issue clearer, to help you identify the factors that are crucial in carrying out your responsibility, and to help you protect yourself from liability.
See how you're doing. Answer these five easy questions to help determine if you're on the right path in meeting your fiduciary responsibility.
* The following describes ADP's informational services that are designed to help you meet your own fiduciary duties. Neither ADP, Inc. nor any of its affiliates provides investment, tax or legal advice. Please consult with your own advisor for advice on your own circumstances. ADP is a non-discretionary service provider, and as such does not serve in a fiduciary capacity with respect to plans for which it provides services.
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