Employee benefit plans, including 401(k) plans, benefit both employers and employees. Although the Employee Retirement Income Security Act of 1974 (ERISA) has always imposed standards on those who manage such plans, increased retirement plan litigation and media attention has drawn considerable focus on employee benefit plan governance.

Employers must understand their fiduciary responsibilities and manage the associated risks. A fiduciary as defined by ERISA, is an individual who:

• exercises discretionary authority or control over the management of a plan; or
• exercises authority or control over the management or disposition of plan assets,
• renders investment advice for a fee or other compensation, or
• has any discretionary authority or responsibility in the administration of a plan.

Fiduciary Assessment

When acting on behalf of your employees in your role as a plan fiduciary, just how certain are you that you are complying with all the relevant rules and regulations?

Nyhart offers a fiduciary responsibility-assessment to help you identify where liability lies and who within your organization and outside advisers hold fiduciary liability.  The five strategic fiduciary assessment areas include:

1. Fiduciary Structure
2. Fiduciary Process
3. Plan Administration
4. Fiduciary Safeguards
5. Participant Communication

The assessment is designed to assist you ask the right questions as you exercise your fiduciary duties – ultimately helping you minimize organizational risk while optimizing your benefits plan for your employees.

Why Nyhart?

Nyhart is one of the nation’s leading actuary and employee benefit consulting firms. We work with a variety of organizations in a variety of fiduciary roles. We have both accredited advisers and legal counsel with experience in assessing and advising on ERISA fiduciary issues and are counted on by numerous clients to lead them through these issues.

Dedicated teams, direct access

Each client at Nyhart has a dedicated team of actuaries, plan advisers and support staff. We provide you direct access to your team so your questions and issues can be handled confidentially by a team who knows your  retirement plan and can help resolve your issues.

Ask Nyhart

Do you have a fiduciary question or would like to start a fiduciary assessment? Please call us at (317) 845-3500 or email us at connect@nyhart.com today and we will be in touch quickly to help you resolve your issue.