Читать книгу Auditing Employee Benefit Plans - Josie Hammond - Страница 40

Both Title I (DOL provisions) and Title II (IRS provisions) of ERISA require that the plan be operated for the benefit of the plan participants and beneficiaries. This is the fiduciary duty. The Plan Administrator and the Trustee are typically the “fiduciaries” with respect to the plan. But, ERISA defines that term much more broadly. Basically, any party that has discretionary authority with respect to the plan may be classified as a “fiduciary.” The result is that all of those parties must exercise this standard of care with respect to the plan participants or beneficiaries. This is sometimes referred to as the “prudent expert” standard as it is not just a layman’s standard of care, but the standard of care expected of a person who is familiar with the law.

A fiduciary is required to follow the plan agreement, except to the extent that the written agreement is at odds with ERISA.