After more than 30 years as a consultant in the retirement space, I’ve learned one thing very clearly: the word “fiduciary” is not casual language. It carries real legal weight, real responsibility and real liability. It is not a marketing term. It is not a vibe. And it is certainly not something to be used loosely.
Today, employers are overwhelmed by the expanding scope of their fiduciary obligations – particularly as those duties increasingly apply to health and welfare plans. They are trying to comply with evolving regulations, limit personal and organizational liability, and improve outcomes for employees — all while running their businesses. Employers are not looking to become “prudent experts” in every operational or oversight function. They have day jobs.
