ERISA Plan Administrator | Practical Law

ERISA Plan Administrator | Practical Law

ERISA Plan Administrator

ERISA Plan Administrator

Practical Law Glossary Item 9-506-6185 (Approx. 3 pages)

Glossary

ERISA Plan Administrator

The person or entity responsible for keeping an employee benefit plan in compliance and managing the plan for the exclusive benefit of participants and beneficiaries. The plan administrator may either be:
  • Identified in the plan documents.
  • The plan sponsor, which is either the:
    • employer (if the employee benefit plan is established or maintained by a single employer).
    • employee organization (if the plan is established or maintained by an employee organization); or
    • association, committee, board of trustees, etc. (if the plan is established/maintained jointly by two or more employers or employee organizations).
  • If the above do not apply, the person actually responsible for managing the plan, either directly or through an agent.
(29 U.S.C. § 1002(16)(A).)
Responsibilities of the ERISA plan administrator include:
  • Acting in the interest of plan participants and beneficiaries.
  • Carrying out his duties prudently.
  • Following the plan documents, to the extent the plan documents are consistent with the Employee Retirement Income Security Act of 1974 (ERISA).
  • Diversifying plan investments.
  • Paying only reasonable plan expenses.
  • Fully informing and providing complete information to plan participants.