Retirement Plan Sponsors Should Know Their Role as Plan Fiduciaries

Ary Rosenbaum - The Rosenbaum Law Firm P.C.
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I love professional wrestling and I’m not afraid to admit. Yes, I know it’s not real just like I know the Ewings don’t live on Southfork Ranch. Maybe it’s in my blood since both of my grandfathers watch it, but I find the over the top theatrics and athleticism rather amusing. My favorite time in wrestling was the late 1990’s and there was a star by the name of the Rock, who is now a Hollywood star by the name of Dwayne “The Rock” Johnson. What made him a star were his promos and one famous promo is when he tells his opponent that they “should know their role and shut their mouth.” While I would never tell a plan sponsor to shut their mouth, I will tell them what their role is as a plan fiduciary. So this is about why plan sponsors should know their role as plan fiduciaries and what do they need to do about it.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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