Plan Sponsors Should Know Their “Hat” as Retirement Plan Fiduciaries

I love baseball jerseys and I also love New Era on-field Major League Baseball hats. Speaking of hats, a retirement plan sponsor wears many hats when they main a retirement plan. Plan sponsors know they wear the hat of the employer when they set up a retirement plan because they set it up to benefit their employees. Plan sponsors know they wear the hat of a retirement plan sponsor when they set up the plan. What plan sponsors fail to understand that they also wear the hat of a plan fiduciary and the duty that comes with it. So this article is about the hat of plan fiduciary that a plan sponsor has to wear and the duty and liability that goes with it.