A fiduciary role is essentially one of transparency and accountability. It represents a position of trust and the responsibility to act in ways that benefit others with care and loyalty. A fiduciary acts solely in the interest of plan participants and their beneficiaries, ensures that only reasonable and necessary expenses are attributed to the plan, adheres to the terms of the plan document and oversees that appropriate and diversified investments are included in the plan. Every plan sponsor has some fiduciary obligation simply by offering a retirement plan and selecting service providers. However, as business owners and key employees hire service providers, some may be designated to share fiduciary liability thus relieving certain responsibility from the plan sponsor.