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Responsibilities of a Retirement Savings Plan
A retirement savings plan is a tremendous benefit to offer your employees. However, with your role as the plan administrator and/or trustee, there are responsibilities you need to consider. Understanding your responsibilities requires knowledge of some basic rules under the Employee Retirement Income Security Act (ERISA). ERISA and related regulations set a standard of conduct for those who manage an employee benefit plan and its assets (called fiduciaries). Through LionBank Advantage, we can help you understand these responsibilities and how you can reduce your risk and liability. ERISA defines the fiduciary duties that must be maintained in order to protect participants. These duties are found in various sections of ERISA and the Department of Labor and applicable regulations.
Financial products made available or recommended by Fidelity Bank that are not bank deposits are not insured by the FDIC; are not a deposit or other obligation of, or guaranteed by, Fidelity Bank; and are subject to investment risks, including possible loss of the principal amount invested.