An ERISA fiduciary is determined by function rather than by title. Any person with discretionary authority or control over the management of the employee retirement plan is a fiduciary. Further, any person who exercises any authority or control with respect to management or disposition of the plan’s assets is a fiduciary.
An ERISA fiduciary must discharge all duties with respect to the employee retirement plan solely in the interest of the plan’s participants and beneficiaries and for the exclusive purposes of: 1) providing benefits to plan participants and their beneficiaries; and 2) defraying reasonable expenses of administering the plan
Persons performing only administrative duties within guidelines established by others who are fiduciaries, are not themselves plan fiduciaries. Administrative duties are those that process information and forms but do not involve making any decisions about plan policy.