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Does DOL automatically consider TPAs as fiduciaries?

April 26, 2017automatically DOL fiduciaries tpas

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Does DOL automatically consider TPAs as fiduciaries?

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Pretty much yes. Why? ERISA considers any one who has any discretionary power to have some fiduciary responsibility. So…if the TPA uses any judgement in administering the plan (such as each time a decision is made whether a claim is OK to pay), he is exercising discretionary power.