I am a PLAN SPONSOR HR TEAM MEMBER and answer questions from plan participants about distribution options. Am I an investment advice fiduciary?
No, you’re probably not a fiduciary.
Employees of plan sponsors, affiliates, employee benefit plans, employee organizations or plan fiduciaries: If these employees do not receive any compensation in connection with any advice they give or recommendations they make to a plan sponsor or other named fiduciaries of the plan, beyond their normal pay from the employer, then such advice or recommendations will not make them fiduciaries under the new rule. In addition, unless an employee: (1) is a registered or licensed advisor under securities or insurance laws; (2) their position specifically involves the provision of investment advice or recommendations; or (3) the advice they are giving requires registration or licensing, the employee will not be considered a fiduciary under the new rule when they communicate information to other employees about the plan and distribution options under the plan if they do not receive compensation beyond their normal pay.