You're involved with your company's employee benefit plans. Maybe you're in the HR department in a big company or someone wearing many hats in a small business. In either case, you may have a lot more fiduciary liability than you realize and even be personally liable if an employee brings a lawsuit related to their benefit plans.
When dealing with employee benefit plans, there are two types of fiduciaries: "named fiduciaries" and "functional fiduciaries."
"Named fiduciaries" are what we normally think of as a fiduciary such as a trust company, a registered investment advisor and anyone else specifically named as a fiduciary in a plan document or contract.
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