Pay and Benefits

You have the responsibility to protect the interests of workers and retirees who participate in retirement savings plans if you’re a private-sector employer who decides to provide a plan. Federal law sets standards of conduct for fiduciaries, meaning those individuals and/or entities who manage private-sector retirement plans and their assets.

You may wish to hire an outside professional, sometimes called a third-party service provider, to manage some or all of your plan’s day-to-day operations, or you may choose to use an internal administrative committee or human resources department to do so. Regardless of approach, if you offer employees a retirement savings plan, you have fiduciary responsibilities.