paper with boldfaced phrase Fiduciary Duty (Photo: Shutterstock)

It’s difficult for ERISA fiduciaries to carry out their responsibilities if they don’t first understand what those responsibilities are.

“Many – perhaps most – people who wind up being a plan sponsor or being a plan fiduciary themselves find themselves in that role without really understanding what they have signed on for,” said Nevin Adams, chief content officer for the American Retirement Association. Adams was speaking on a recent episode of the podcast he and Faegre Drinker’s Fred Reish host — the Nevin & Fred podcast. “In fact, a lot of people wind up with being a plan sponsor as a small part of their overall responsibilities. That’s kind of dangerous, because it has a lot of responsibility and liability associated with it.”

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