Which of the following is a responsibility of a fiduciary under ERISA?

In the context of ERISA, fiduciaries have a critical role in managing retirement plans, and one of their primary responsibilities is to act solely in the interests of plan participants. This means that fiduciaries must prioritize the needs and best interests of the participants and beneficiaries above all else, ensuring that their actions and decisions are made with the goal of providing benefits and securing the financial health of the plan participants.

This obligation is rooted in the duty of loyalty, which mandates that fiduciaries avoid conflicts of interest and refrain from making decisions that may benefit themselves or other parties at the expense of plan participants. By focusing solely on the interests of plan participants, fiduciaries help maintain trust in the retirement system and encourage responsible management of plan assets.

Other options involve considerations that either misinterpret the fiduciary duties or suggest actions that may conflict with the overarching responsibility of safeguarding the participants' interests. Thus, emphasizing the fiduciary's duty to prioritize participants ensures compliance with ERISA's foundational principles.