The term fiduciary means one that holds the fiduciary relationship and act in the fiduciary capacity. The named fiduciary is the person that holds all the responsibilities over a financial account.
He is the person who is responsible for operating and administrating the financial accounts and retirement plans. The fiduciary doesn’t need to be the financial expert. The person can be chosen from the investment manager to oversee the plan’s assets.
The named fiduciary is the person who runs the entire qualified retirement program. The named fiduciary can be a group of persons as well who take part in running the qualified retirement plan. The named fiduciary has the authority to manage and run a plan and he can include his opinions in the plan and can make any changes in it. The committee or a board the person who will be the named fiduciary of the plan and if the fiduciary is responsible for mishap he will be the only liable for it. The named fiduciary is not responsible for making a company happy, but what he is responsible for is to make the employees happy who is the part of that plan. So he is responsible to run company plans.