“With great power comes great responsibility.” This solemn quote, originally uttered in a Spider Man comic, seems apropos to the duties employers must fulfill as retirement plan fiduciaries. As it implies, fiduciary responsibility should not be taken lightly.
So what, exactly, is fiduciary responsibility? In short, it’s the duty plan sponsors and fiduciaries have to protect the best interests of retirement plan participants, retirees, and their beneficiaries.