Trustee designation

[Guest Pat Metallic]

A new retirement plan wants to assign employment positions (i.e. controller, CFO, etc.) as trustee rather than specific individuals. Any problems with that approach?

[Guest greggi39]

i don't think CFO will work. a trustee is appointed by name and has to acknowledge in writing they accept their fiduciary status.

[jaemmons]

I agree. Although the plan administrator can be referenced by a title held within the company, the trustee(s) need to be named, either as an individual or as an entity which can serve in a trustee capacity (bank, financial institution, insurance company). State law generally dictates who can serve as a trustee, unless federal law supercedes it.