EBSA
As an agency of the Department of Labor, the Employee Benefits Security Administration (EBSA) is committed to educating and assisting the nearly 154 million workers, retirees and their families covered by approximately 722,000 private retirement plans, 2.5 million health plans, and 885,000 other welfare benefit plans holding approximately $11.8 trillion in assets; as well as plan sponsors and members of the employee benefits community. EBSA balances proactive enforcement with compliance assistance and works diligently to provide quality assistance to plan participants and beneficiaries.
ERISA
The Employee Retirement Income Security Act of 1974 is a federal United States tax and labor law that establishes minimum standards for retirement and benefit plans. The goal is to protect the interests of employee retirement and benefit plan participants.
Fiduciary
In general terms, a fiduciary is a person who owes a duty of care and trust to another and must act primarily for the benefit of the other in a particular activity. For retirement plans, the law defines the actions that result in fiduciary duties and the extent of those duties.
Many of the actions needed to operate a qualified retirement plan involve fiduciary decisions – whether you hire someone to manage the plan for you or do the plan management yourself. Controlling the plan assets or using discretion in managing the plan makes you or the entity you hire a plan fiduciary to the extent of that discretion or control. Fiduciary status is based on the functions performed for the plan, not a title. Be aware that hiring someone to perform fiduciary functions is itself a fiduciary act.