What is a Plan Fiduciary?

ERISA § 3(21)(A)(i) indicates that a person is a  “fiduciary” of an employee benefit plan to the extent that he/she either:
 
(1) exercises any discretionary authority or discretionary control respecting management of the plan or exercises any authority or control respecting management or disposition of its assets;

 
(2) renders investment advice for a fee or other compensation, direct or indirect, concerning any monies or other property of the plan, or has any authority or responsibility to do so; or

 
(3) has any discretionary authority or discretionary responsibility in the administration of the plan.

 
As the owner or manager of a business, you have discretion as to whom you select to provide services to your plan.  With selection, comes fiduciary responsibility.  As a result you are a fiduciary.