What is a fiduciary?
A fiduciary is a person who holds a legal or ethical relationship of trust with a person or group. A fiduciary wisely takes care of money, benefits or other assets for someone.
If you are responsible for pension, savings, profit-sharing, employee benefit, and/or health plans within your company then you are liable to the beneficiaries for any breach of their fiduciary duties.
Protecting the fiduciaries of employee benefit plans can be difficult. If your company sponsors a retirement or health plan for the employees and you are involved in any way with the management of that plan, you are likely considered a “Fiduciary” and can be held personally liable for what happens to the plan (under ERISA law).