The Employee Retirement Income Security Act of 1974, as amended (“ERISA”) was enacted to protect employees and retirees by mandating written plan documents, requiring assets to be held apart from the employer’s assets and by imposing fiduciary standards of care on the persons responsible for administering the plan and investing plan assets. Plan fiduciaries are required to act for the exclusive benefit of plan participants and their beneficiaries. Legally, the fiduciary standard of care— that of a “prudent expert”—is the highest recognized by law. The failure to comply with ERISA standards can result in the imposition of personal liability for losses to the plan, civil and criminal penalties on the plan fiduciaries as well as the company that sponsors the plan.

HUB/Baystate Fiduciary Advisors provides many services to help fiduciaries navigate and manage an increasingly complex array of responsibilities and obligations. Our goal is to help fiduciaries understand their role and assist them in developing a formal process that will help demonstrate compliance with ERISA’s standard of care.