Named Fiduciary


DEFINITION of 'Named Fiduciary'

The fiduciary that holds responsibility over a given financial account. The named fiduciary is responsible for operating and administering a qualified retirement plan under the Employee Retirement Income Security Act (ERISA), which is meant to protect participants in private-sector retirement plans. The named fiduciary is required to act in the plan participants' best interests. However, the named fiduciary is not required to be a financial expert, so it may choose to appoint an investment manager to oversee the plan's assets.

BREAKING DOWN 'Named Fiduciary'

The named fiduciary is just one of several types of fiduciaries involved in running a qualified retirement plan. Others include the plan administrator, trustee, investment manager and investment advisor. A fiduciary who mismanages a plan can be held personally liable.

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  1. When can catch-up contributions start?

    Most qualified retirement plans such as 401(k), 403(b) and SIMPLE 401(k) plans, as well as individual retirement accounts ... Read Full Answer >>
  2. Are 401(k) contributions tax deductible?

    All contributions to qualified retirement plans such as 401(k)s reduce taxable income, which lowers the total taxes owed. ... Read Full Answer >>
  3. Are 401(k) rollovers taxable?

    401(k) rollovers are generally not taxable as long as the money goes into another qualifying plan, an individual retirement ... Read Full Answer >>
  4. Are catch-up contributions included in the 415 limit?

    Unlike regular employee deferrals, catch-up contributions are not included in the 415 limit. While there is an annual limit ... Read Full Answer >>
  5. Can catch-up contributions be matched?

    Depending on the terms of your plan, catch-up contributions you make to 401(k)s or other qualified retirement savings plans ... Read Full Answer >>
  6. Are catch-up contributions included in actual deferral percentage (ADP) testing?

    Though the Internal Revenue Service (IRS) carefully scrutinizes the contributions of highly compensated employees (HCEs) ... Read Full Answer >>

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