Understanding fiduciary responsibilities is important for the security of a retirement plan and compliance with the law. If you answer “no” to any of the following questions, you may not be complying with federal regulations. Have you identified your plan fiduciaries, and are they clear about the extent of their fiduciary responsibilities? ERISA defines a retirement plan fiduciary as a person or entity that does any of the following with respect to a retirement plan: Exercises discretionary control or authority over the management of the plan or its assets; Provides investment advice or manages the plan assets for a fee; Has discretionary responsibility in the administration of the plan; and Is specifically identified in the written plan documents as a fiduciary. Fiduciary responsibilities include: Acting solely in the interest of plan participants and their beneficiaries, and with the exclusive purpose of providing benefits to them and paying plan expenses; Carrying out their duties p