Understanding Fiduciary Responsibility

A person is a fiduciary with respect to a retirement plan if he or she: 

• Exercises any discretionary authority or control with respect to the management of a plan, or exercises any authority or control with respect to the management or disposition of plan assets;
• Renders investment advice to a plan for a fee or other compensation, directly or indirectly, with respect to any moneys or property of the plan, or has any authority or responsibility to do so; or
• Has any discretionary authority or responsibility in administering the plan.