2022 Trust Forum Presentations

Internal Use Only

“Settlor” vs. Fiduciary Activities

Actually, we’re ‘settlors,’ so we’re not subject to the fiduciary provisions of ERISA right now.

But hast thou forgotten the standards under ERISA?

Internal Use Only

Overview of Fiduciary Duties

• ERISA § 404 requires fiduciaries to — • Act prudently; • Act solely in the interest of the plan’s participants and beneficiaries ( aka the duty of loyalty); • Use plan assets only to pay plan participants and beneficiaries and “reasonable” plan expenses; • Diversify plan investments to avoid large losses; and • Comply with governing plan documents.