The failure to act in a fiduciary capacity while running your company’s plan can expose you to personal liability as a plan fiduciary. This could even include a requirement to personally make the plan whole for any losses resulting from a breach of your fiduciary responsibilities.
Choosing the right advisor for your company’s retirement plan is one of the most important decisions that you will make as a plan sponsor. Increasingly, the right choice is to work with an advisor who is a fiduciary and who acknowledges that role.