Definitions

Plan Sponsor

• The party that has set up the Plan – typically this is a company or the employer

Plan Administrator

• The person who has the responsibility to run the Plan. This can be the owner of the company, a company executive, a committee of employees or someone hired for this specific purpose.

Trustee

• Person(s) responsible for the investments held by the Plan and assets attributable to the Plan. Their duties often include submitting contributions, authorizing distributions, maintaining records, calculating eligibility, monitoring providers to the Plan, maintaining an understanding of the Plan and acting in the best interest of the Plan participants.

Fiduciary

• Anyone who has discretionary authority or control in the management of the Plan or the disposition of trust assets.

Who is NOT a Fiduciary?

• If a person/firm is performing services for the Plan has no discretionary authority or control over the Plan or assets, that person will not be a Fiduciary. Typically, the following are NOT Plan Fiduciaries:
• Accountant
• Actuary
• Attorney
• Consultant
• Service provider – such as recordkeeper
• TPA – Third Party Administrator