Disability attorneys in Augusta GA can help explain the various ways in which the Employee Retirement Income Security Act of 1974 affects you as a retirement account beneficiary. The chief purpose of ERISA legislation is to ensure that all appointed fiduciaries follow set guidelines designed to protect your retirement funds.
ERISA Fiduciary Provisions and Rules
ERISA documentation defines a fiduciary as anyone authorized to control plan assets, primarily through the investment process. These individuals may be plan trustees, administrators, or investment committee members. Fiduciaries also have the power to administrate beneficiary payments. The primary difference between a fiduciary and a plan beneficiary is that fiduciaries are often compensated for their services through plan assets while beneficiaries are directly entitled to some or all of the plan assets.
The chief responsibility of any retirement plan fiduciary is to act in the best interest of the beneficiaries as permitted by ERISA, free of any conflict of interest. ERISA requires fiduciaries to act prudently with retirement plan assets and to take a conservative investment approach. This typically involves maintaining a diversified portfolio, which minimizes the risk of a significant loss of funds in one area of investment. In the event that a fiduciary does not act responsibly as determined by ERISA guidelines, an Augusta disability attorney can help ensure that the fiduciary is held liable for lost plan assets.
How Disability Attorneys in Augusta GA Can Help
The decision to select a fiduciary for your retirement account can be a difficult one. Finding a qualified fiduciary who you trust to act in your best interest as a beneficiary is the first step, but it is also necessary to appoint a fiduciary you can trust to adhere to ERISA standards and guidelines. Disability attorneys in Augusta GA can provide assistance with the fiduciary selection process by acting as your representative.