2022 Trust Forum Presentations

Internal Use Only

Common ERISA Fiduciaries

• Plan administrator. • Administrative and investment committees. • Trustee. • Investment managers and investment advisors. • Claims decision-makers. • Functional fiduciaries : Anyone who exercises discretion over plan investments or administration.

Internal Use Only

“Settlor” vs. Fiduciary Activities

• It is important to understand the distinction between “settlor” and fiduciary activities. • Importantly , when acting as a settlor, ERISA’s fiduciary standards do not apply. • “Settlor” activities (e.g., employer business decisions relating to plan establishment and design) are not fiduciary activities .