FIDUCIARY OVERSIGHT

As the 402(a) named fiduciary and a 3(21) investment fiduciary under ERISA, Tidepool executive officers exercise fiduciary responsibility for all aspects of plan operation, including administrative and and investing options.

As the administrator, it is our job to select and monitor service providers, determining eligibility, ensure timely deposit of contributions, obtain and monitor fidelity bonds, sign plan documents, file Form 5500s and provide participant disclosures and notices.

While most of these functions are performed by our affiliates that specialize in each field, Tidepool management is ultimately responsible as the ERISA 402(a) named fiduciary. We have deep experience in the workings and interpretation of ERISA to fulfill these functions, through our backgrounds in pension litigation and asset management compliance.

As the 3(21) fiduciary, we always keep in the forefront of decision-making the best interests of plan participants and beneficiaries. While this should be a clear rule for plan fiduciaries everywhere, our experience has taught otherwise.

At the end of the day, ERISA’s fiduciary duty requires diversification of investments of the plan so as to minimize the risk of large losses and to manage a plan “solely in the interest of the participants and beneficiaries” and for their “exclusive benefit.”

This is a role we gladly adopt and enforce, each and every day.