Fiduciary Compliance

Fiduciaries have important responsibilities and are subject to standards of conduct because they act on behalf of participants in a retirement plan and their beneficiaries.  A plan’s fiduciaries will ordinarily include the trustee, investment advisors, all individuals exercising discretion in the administration of the plan, all members of a plan’s administrative committee (if it has such a committee), and those who select committee officials.  A fiduciary’s responsibilities include:

  • Acting solely in the interest of plan participants/beneficiaries, with the purpose of providing benefits to them
  • Carrying out their duties prudently
  • Following the plan documents (unless inconsistent with ERISA)
  • Diversifying plan investments
  • Paying only reasonable plan expenses

Managing an employer-sponsored retirement plan is usually not the top priority for the HR Manager, CFO, CEO or other individuals tasked with the job of plan governance. However, managing a retirement plan involves personal liability (for decision makers), a risk that can be mitigated if a prudent plan management process is implemented. Often times, it is assumed that the service providers are the ones assuming the fiduciary risk and, unfortunately, this is seldom the case. Together we will create a comprehensive plan that helps to support your company through your fiduciary compliance duties and create a comprehensive plan for the ongoing support of your 401(k) Plan. 


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Investment Updates

Investment advisory services offered through Lumin Financial LLC, which is an independent Registered Investment Adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed on this site.


Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.