A summary of the rules defining ERISA fiduciary responsibility, including an overview of liabilities arising from fiduciary breaches. The authors are David F. Jones and Kathleen Ziga of law firm Dechert LLP, and Sumi C. Chong, Assistant Counsel, Corporate Human Resources, of Bristol-Myers Squibb.

The document is organized in “Q&A” form. Questions include:

• Who Is A Fiduciary
• What Are Settlor Functions Versus Fiduciary Activity?
• What Is The Significance of Being A Fiduciary?
• What Is The Duty of Loyalty?
• What Is The Prudence Standard?
• What Is The Duty of Disclosure?
• What Is The Duty To Monitor?
• How To Select Plan Fiduciaries?
• What Special Issues Are Raised By Investing In Employer Stock?
• How Can You Limit Fiduciary Liability?

Exhibit I — Meeting Your Fiduciary Responsibilities (U.S Department of Labor)

Exhibit II — ”Duties of Fiduciaries In Light Of Recent Mutual Fund Investigations” (Statement of Ann L. Combs, Assistant Secretary, Employee Benefits Security Administration)

Exhibit III — Sample Benefits Administration Committee Charter

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