Fiduciary Defined

The Employee Retirement Income Security Act of 1974 (ERISA) generally defines a fiduciary as anyone who exercises discretionary authority or control over a plan’s management or assets held within the plan, including anyone who provides investment advice to the plan or its agents. As a result, every employer who sponsors an employee retirement savings plan is deemed a fiduciary, under ERISA. As a result, employees of the sponsoring employer who are charged with managing the plan commonly meet the definition of a fiduciary as well.