Managing Your Fiduciary Responsibilities

Part Three: Fidelity provides assistance to help you manage your fiduciary responsibilities and risk.

Acting as a fiduciary carries with it important responsibilities. Fortunately, Fidelity can help you manage your tasks, and get a better view into your plan and investments, as well as help you communicate required notices.

Fiduciary Calendar

As a plan fiduciary, you have a lot to keep track of.
That's why we've compiled the dates, deadlines and
other important information you need to help you
manage your plans. Download

Keeping your tasks on track
Use the chart below to help keep track of your work, see
your next steps, and understand where Fidelity can help.

Plan Sponsor Activities Action Steps Fidelity Support
Follow a fiduciary process.
  • Establish fiduciary committees to oversee the plan’s investment options, plan decisions, service providers, and plan fees.
  • Document processes and procedures.
  • Conduct a periodic audit of fiduciary processes and procedures, including a due diligence review.
  • Establish procedures to ensure the plan maintains its tax-qualified status.
  • Establish and follow a prudent process:
    • Regular meetings
    • Notes reflecting actions taken
    • Reasons for taking actions
  1. Your Plan Review: Comprehensive, proactive review of your plan design and participant behaviors, as well as a discussion of enhancement opportunities.
  2. Investment Review: Proactive, in-depth review of your plan’s investment design, historical fund performance, market overview, and Fidelity’s investment strategies. 
  3. Statement of Services and Compensation: An overview of the investment and administrative services, fees, and other compensation attributed to your workplace retirement plan, including information required by the Department of Labor regulation under ERISA Section 408(b).2
  4. Investment Policy Statement Guide: Informative guide designed to assist in the construction of an Investment Policy Statement.
  5. Fiduciary Committee Guidelines: Guide that outlines suggestions for establishing and operating your committees.
  6. Managing Director Support: Dedicated, single point of accountability, responsible for providing support to help you meet your fiduciary responsibilities.
  7. Fiduciary Risk Assessment: Guide containing thought-provoking questions to help you assess your ERISA compliance.
Satisfy reporting and disclosure requirements, including participant disclosure obligations.
  • Meet ERISA’s government reporting requirements.
  • Disclose required information to employees and beneficiaries.
  1. Summary Plan Description:1 Legally required document that provides an overview of plan terms.
  2. 5500 Services:2 Comprehensive reporting services that include a Form 5500. Representatives are available to consult with you on reporting requirements.
  3. Summary Annual Report:2 Annual,  Distribution-ready employee disclosure.
  4. Fidelity’s Auditor’s Guide: Detailed review of plan reporting provided directly to your auditor. Designed to save you time and to make your annual audit process more efficient.
  5. Statement of Standards for Attestation Engagements (SSAE 16): External auditors report on their examination of Fidelity’s recordkeeping and administrative services.
  6. Participant Disclosure Service: Service that helps you provide disclosures required under the Department of Labor’s Participant Disclosure Regulation.3
  7. Online Statements: Fidelity allows employees access to statements designed to provide them with investment performance and account balance information virtually 24 hours a day.
Consider taking advantage of ERISA Section 404(c) protection.
  • Provide any disclosures required by 404(c) that are not disclosed pursuant to the Department of Labor's Participant Disclosure Regulation, including that the plan intends to comply with 404(c).
  • Diversify your plan’s investment options.
  • Fiduciary relief may be obtained by adopting a QDIA, provided certain requirements are met.
  • Monitor your plan's investment options.
  1. Broad Range of Investments: Diversify your plan investment options by selecting from over 400 Fidelity and outside fund families.
  2. Online Statements: Fidelity allows employees access to statements designed to provide them with investment performance and account balance information virtually 24 hours a day.
Promote education resources available to employees. Education to employees may cover:
  • Plan provisions
  • Investment information
  • Investment options
  • Retirement planning
Plan for Life Financial Wellness helps all employees live well financially, now and into retirement.
  1. Proactive Employee Engagement: Deliver the right message at the right time through email, online, and print communications that provide clear and simple action steps to help employees at key decision points.
  2. Web Site Tailored to Your Plan: Through Fidelity NetBenefits® online financial services, employees can review account details, perform transactions, research investments, and utilize planning tools. Additional features include educational articles and workshops, and facilitator-led learning sessions. Available virtually 24 hours a day, 7 days a week.
  3. Phone associates are available from 8:30 a.m. to 8 p.m. to answer questions.4
  4. Workplace Support: Group sessions, on the Web or in person, led by a licensed education consultant, with content tailored to your employees’ and plan needs.5
Understand and adhere to your written plan document and ERISA.
  • Maintain a written plan document that complies with the rules and regulations governing retirement plans.
  • Establish procedures to maintain and follow the plan document.
  • Satisfy applicable regulatory requirements.
  1. Fidelity Participant Recordkeeping System: Flexible, proprietary recordkeeping may be configured to the design of your custom plan document, or Fidelity’s Volume Submitter Plan.
  2. Testing Services: Nondiscrimination and mid-year projection testing to help you meet your regulatory requirements. Representatives are available to provide you guidance on testing process and plan results.
  3. Volume Submitter Plan Document:6 Cost-effective alternative to an individually designed plan document. IRS-approved volume submitter plan document is maintained by Fidelity; includes Representatives trained to answer plan document questions.
  4. Plan Administration Manual:1 Reference manual outlining your plan’s service configuration on Fidelity’s recordkeeping system. NOTE: Not available for all plans.
Further your fiduciary and retirement knowledge on an ongoing basis. Take advantage of available education resources.
  1. Fidelity Plan Sponsor WebStation® online retirement services: Web-based system designed to provide education tools. Key features include News & Fidelity Insights, as well as training and support materials to help you stay informed on the latest regulatory, fiduciary, and investment-related topics.
  2. Your Fidelity Connection: Electronic newsletter that includes important updates, employee engagement information, investment information, and regulatory and legislative news. 
  3. Fiduciary Resources: Online resources providing quick access to reference materials and tools designed to help you understand and manage your plan’s fiduciary responsibilities.
  4. Employer Learning Modules: On-demand learning modules providing you practical information and knowledge to be more effective in managing your workplace retirement programs.
1 May not be available for your plan.
2 Services are provided with Full Package Testing. Fees may apply.
3 Participant Disclosure Service is provided at no additional charge. However, print and postage fees may apply.
4 If included in the plan’s Service Agreement.
5 Fees may apply for on-site meetings.
6 Not all plans operate on Fidelity’s pre-approved volume submitter plan document.

Congratulations! You've completed Part Three. To continue to the next section Fiduciary best practices, click here, or return to the home page.

Fidelity does not provide legal advice, and the information provided herein is general in nature and should not be considered legal advice. Consult an attorney regarding your plan's specific legal situation.