Could a plan seek relief against a plan participant in the form of penalties for breaching its fiduciary duty to the plan to hold and return those funds to the plan? (Photo: Shutterstock)
"Fiduciary;" a very important and often feared role in the risk industry. If you operate in any benefits role, be it in welfare benefit plans, retirement plans, or financial advisory roles, this particular F-word probably rolls off the tongue with little effort or backlash. Who is a fiduciary? What are the responsibilities of one? How does one become a fiduciary, do they choose to be one or do they inherit the classification because of an action they take? The answer is both!
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