Since formation in December 1995, with respect to its fiduciary appointments, Strinco principals have viewed consulting as a key element of its engagement. This philosophy comes from the Employee Retirement Security Act of 1974 (ERISA). ERISA established multiple fiduciaries related to a retirement Plan:

  • Sponsor
  • Administrator
  • Trustee

Each of these distinct fiduciaries have unique duties. It is easy for a fiduciary to become confused as to the boundaries of their specific duty to the plan. ERISA also provides that when a party associated with a plan exercises a duty for which they were not appointed, regardless of appointment, the fiduciary becomes the fiduciary for that action. It is imperative that all the parties associated with the administration of an ERISA plan or trust be thoroughly educated and periodically reminded of those boundaries. As the plan’s consultant, we provide periodic guidance on such matters to the plan’s ESOP administrative and executive team.