Title 29 — LaborRelease 119-73not60

§1102 Establishment of Plan

Title 29 › Chapter 18— EMPLOYEE RETIREMENT INCOME SECURITY PROGRAM › Subchapter I— PROTECTION OF EMPLOYEE BENEFIT RIGHTS › Subtitle Subtitle B— Regulatory Provisions › Part 4— fiduciary responsibility › § 1102

Last updated Apr 5, 2026|Official source

Summary

Employee benefit plans must be written and kept as a formal plan. The written plan must name one or more people who will run and manage the plan. A "named fiduciary" is a person listed in the plan or someone picked under a plan rule by the employer or the employee group, or by both together. The plan must also include four things: a way to set and follow a funding policy, a description of who does what to run the plan (including any rules found elsewhere in the law), a process for changing the plan and who can make changes, and the rules for how money goes in and out. The plan may allow people to hold more than one fiduciary role, let a named fiduciary hire advisors, and let a named fiduciary pick investment managers to buy or sell plan assets.

Full Legal Text

Title 29, §1102

Labor — Source: USLM XML via OLRC

(a)(1)Every employee benefit plan shall be established and maintained pursuant to a written instrument. Such instrument shall provide for one or more named fiduciaries who jointly or severally shall have authority to control and manage the operation and administration of the plan.

(2)For purposes of this subchapter, the term “named fiduciary” means a fiduciary who is named in the plan instrument, or who, pursuant to a procedure specified in the plan, is identified as a fiduciary (A) by a person who is an employer or employee organization with respect to the plan or (B) by such an employer and such an employee organization acting jointly.

(b)Every employee benefit plan shall—

(1)provide a procedure for establishing and carrying out a funding policy and method consistent with the objectives of the plan and the requirements of this subchapter,

(2)describe any procedure under the plan for the allocation of responsibilities for the operation and administration of the plan (including any procedure described in section 1105(c)(1) of this title),

(3)provide a procedure for amending such plan, and for identifying the persons who have authority to amend the plan, and

(4)specify the basis on which payments are made to and from the plan.

(c)Any employee benefit plan may provide—

(1)that any person or group of persons may serve in more than one fiduciary capacity with respect to the plan (including service both as trustee and administrator);

(2)that a named fiduciary, or a fiduciary designated by a named fiduciary pursuant to a plan procedure described in section 1105(c)(1) of this title, may employ one or more persons to render advice with regard to any responsibility such fiduciary has under the plan; or

(3)that a person who is a named fiduciary with respect to control or management of the assets of the plan may appoint an investment manager or managers to manage (including the power to acquire and dispose of) any assets of a plan.

Reference

Citations & Metadata

Citation

29 U.S.C. § 1102

Title 29 — Labor

Last Updated

Apr 5, 2026

Release point: 119-73not60