Am I a Fiduciary?
If you're not sure, you're not alone. It's one of the most complex and misunderstood parts of administering a retirement plan. And not every retirement plan sponsor has the time and resources to stay on top of it all. In simplest terms, if you select investments for a plan or hire someone to do it for you, you have fiduciary responsibilities.
You're Looking Out for Employees. Who's Looking Out for You?
You want your employees to succeed, not only at work but also in preparing for their retirement. You provide them with the resources and tools they need, while you make available a group of diversified investments to help them retire on their own terms. It’s a job that comes with great responsibility. And, sometimes, liability. All the positive things you do can be undone with even the simplest misunderstanding of your fiduciary responsibility.
But don’t worry. MassMutual’s Fiduciary Assure program, powered by Envestnet Retirement Solutions, LLC (ERS), is here to support you. By providing investment recommendations that are compliant with ERISA Section 404(c), the Fiduciary Assure service may help insulate you against legal claims that can result from offering inadequate or inappropriate investments.
Learn more about Fiduciary Assure’s 3(21) and 3(38) services (subject to broker firm availability).