Compass – Fiduciary Responsibilities

Designation and Training

The roles and responsibilities of all involved parties (fiduciary and non-fiduciary) are defined, documented, and acknowledged. SA-1.2

A fiduciary must act: with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. [ERISA §404(a)(1)(B)]


ERISA §402(a)(1) requires that plans be written. “Every employee benefit plan shall be established and maintained pursuant to a written instrument.” SA -1.1