ERISA imposes complex responsibilities and restrictions on fiduciaries of employee benefit plans and sets the standards for the operation and the investment of plan assets. In addition, ERISA establishes the bonding and reporting disclosure requirements for employee benefit plans and their fiduciaries.
Although the provisions of ERISA are very complex there is a fairly easy way to remember what ERISA requires of Plan fiduciaries:
- Always be Wise-Never be Foolish
- Always Avoid Self-Dealing-Never be Greedy
- Never be Wicked-Never Steal or Lie