Frequently Asked Questions

ERISA violations are the main concern in the Fiduciary insurance world. ERISA, the Employee Retirement Income Security Act of 1974, protects employees' pension and welfare plans from financial losses caused by mismanagement and misuse of assets through its fiduciary provisions. Below are some frequently asked questions and answers to help you better understand the ERISA. If you still have questions, please click on the "Contact Us" link on the right, and we will be happy to answer your questions.

How does ERISA define fiduciary?

Fiduciary is defined as anyone who controls the plan management or assets, has control over the administration of a plan or provides investment advice to a plan.

According to ERISA, what are the general duties of fiduciary?

All activities and transactions performed on behalf of the plan must be performed with the utmost care, void of any conflict of interest. Investments must be diversified, and plan documents must be consistent with ERISA standards and must be followed.

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