What Is A Fiduciary?
Retirement benefits are often a central part of many people’s plans for the future. These benefits allow a retired person or couple to be assured that their health, plans, and family will be properly cared for. The people or organization responsible for your retirement benefits should be well-managed with the understanding that the benefits of many people are at stake. The manager, or fiduciary, of your benefits has a great deal of responsibility.
It is crucial for you to understand the variables that may affect your retirement benefits. Knowing the people involved and how they can affect your future is crucial. If you feel that your retirement or health plans have been wrongfully handled, please contact the Indianapolis ERISA attorneys at the Hankey Law Office by calling 317-634-8565.
Understanding a Fiduciary Relationship
A fiduciary is a person or organization that is trusted to act on your behalf. For example, a financial institution that is contracted by your company to handle your retirement pension is a fiduciary for you. You and your company have trusted them to make decisions for you that affect your pension. This type of relationship can be established for and between you and the following:
- Retirement pension plans
- Health insurance providers
- Life insurance providers
- Board of directors
This relationship is based on trust and good faith in a person, but if there is a breach in that trust, the effects can be detrimental.
If you believe that your trust has been violated by a breach of fiduciary responsibility, please contact the Indianapolis ERISA attorneys at the law office of Charles D. Hankey, P.C., by calling 317-634-8565.