General education, not personalized advice. Confirm current rules at the sources below.
Who is a fiduciary?
Under the federal law that governs most private retirement plans, a person is generally a fiduciary to the extent they exercise discretionary authority over plan management or assets, or provide investment advice for a fee. Titles do not decide it; function does.
In a small company, the owner and anyone on a plan committee are frequently fiduciaries without having thought of themselves that way.
The core duties in plain terms
Fiduciaries are expected to act for the exclusive benefit of participants, with the care of a prudent person familiar with such matters, to diversify investments unless clearly imprudent, and to follow plan documents consistent with the law.
They are also expected to pay no more than reasonable expenses for plan services, which is why fee review matters.
Delegating without abdicating
Sponsors can hire service providers and advisers. They remain responsible for prudently selecting and monitoring those providers. Written process, regular meetings and saved records are practical evidence of that diligence.
PGW’s current offering
PGW Financial LLC offers ERISA Section 3(21) investment advisory fiduciary services only. PGW provides fiduciary investment advice and recommendations; the plan sponsor or other authorized plan fiduciaries retain decision-making authority for plan investments. PGW does not provide ERISA Section 3(38) discretionary investment management. Specific responsibilities are defined by the written engagement.
Limits of this article
This is a draft educational summary, not a plan-specific engagement or legal advice. PGW’s investment advisory responsibilities for a particular plan are limited to its written agreement; the article does not expand those responsibilities.