May 22nd, 2013 Do You Know Your Fiduciary Responsibilities? by Michael Garcia, CPA, Audit Manager As the annual tax filing season for many small businesses has come to an end, now is a great time for small business owners and their management teams to start reviewing the retirement plans that they offer to their employees. The Employee Retirement Income Security Act (ERISA) establishes certain responsibilities of retirement plan fiduciaries and springtime is a perfect opportunity to review those responsibilities. The United States Department of Labor (DOL) states that “fiduciary status is based on the functions performed for the plan, not just a person’s title.” Many small business owners and/or management team members may not realize that because of certain functions they perform for the plan, they may be considered plan fiduciaries. Please visit the DOL’s Fiduciary Education Campaign webpage for more information. After reviewing the information on the DOL’s website you may want to contact your plan’s third party administrator, investment manager or other plan vendor to discuss any questions you may have specific to your retirement plan.