The term Plan Sponsor refers to the Employer who established and maintains the Plan. The entity is defined in the Plan Document. The Plan Sponsor has several major responsibilities:
- To act in the interest of the participants and beneficiaries
- To act with care, skill, prudence and diligence under prevailing circumstances
- To diversify investment options
- To ensure reasonable expenses are being assessed for services related to the administration of the retirement plan.
- Designate the Plan Administrator, Trustee, Investment Fiduciary.