The answer is "most likely" because of your position and "maybe!" I've seen situations where the CFO is NOT responsible for the plan, but rather, a retirement committee of other leadership positions or the CEO and HR director were instead. A lot of the
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The answer is "most likely" because of your position and "maybe!" I've seen situations where the CFO is NOT responsible for the plan, but rather, a retirement committee of other leadership positions or the CEO and HR director were instead. A lot of the fiduciary tests relate to control. Here's a quick question as a starting point: can you make changes to the plan without having to ask anyone else's permission?
If not, check the other definitions in Allan's post, and here is the DOL's guide which also might assist! http://www.dol.gov/ebsa/publications/fiduciaryresponsibility.html Ultimately, run it by an ERISA attorney if you still aren't sure.
In these answers, there's talk of "outsourcing" such as using an RIA (advisory firm), bank, or insurance company under section 3(38) of ERISA to have discretion over the investments, but ultimately, it's still someone's duty to monitor that service provider that you outsourced to. You can share liability, but you can't fully get rid of it. Your ERISA attorney will have a lot to say in this area.
For educational purposes only. Not to be construed as legal or tax advice.
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