You're Always a Fiduciary

As a plan sponsor, you're always a fiduciary. While meeting these obligations may seem intimidating at first, it doesn't have to be.

Nationwide® is proud to offer a comprehensive fiduciary program to help you understand how to protect yourself and your business.

Here’s how:

• We offer a full package of fiduciary tools
• We can help you understand the Employee Retirement Income Security Act of 1974 (ERISA) and what it means to you
• We can provide a sample investment policy statement
• We can help you follow a due diligence process

For more information on fiduciary responsibility, call 1-888-262-401k.

A few definitions

Fiduciary – Under ERISA section 3(21), a fiduciary is a person or legal entity who:

• Exercises authority or control in the management of the plan or the plan assets
• Gives investment advice for a fee or other compensation (direct or indirect) or has any authority or responsibility to do so
• Has authority or responsibility to administer the plan

Investment policy statement – A written document with the guidelines and standards used in the selection of the plan’s investment options. The investment policy statement also provides a basis for evaluating investment performance.

ERISA 404(c) – As long as you’ve satisfied all plan sponsor requirements, this act protects you from liability for decisions made by plan participants who are directing their own investments.

Due diligence process – An important theme in ERISA regulations is procedural prudence, or making sure that each plan fiduciary decision is investigated and documented. Having due diligence means properly documenting all plan-related events and decisions so you’re thoroughly prepared in the event of a Department of Labor or Internal Revenue Service plan audit.

For more information on fiduciary responsibility, call 1-888-262-401k.

Trust programs and trust services are offered by Nationwide Trust Company, FSB a division of Nationwide Bank.

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