If individual physicians are the trustees for their corporate retirement plan then they do assume additional responsibilities (which will depend on the provisions of the plan document) and hence incur more liability then if a corporate trustee was appointed. However, some of these responsibilities can be delegated by hiring actuaries, consultants, custodians, investment advisors, and other professionals to perform certain functions. The plan sponsor (employer) cannot relieve themselves of all responsibility by hiring other professionals or by appointing a corporate trustee. The employer still has the responsibility of monitoring the actions and performance of the corporate trustee and other providers. Anyone that exercises discretionary authority or control over the management of a plan, the management or disposition of plan assets, or the administration of the plan is a fiduciary and has some liability. Fiduciary liability can be minimized by complying with ERISA requirements, having an investment policy statement, appointing a plan investment committee to conduct periodic meetings and reviews, and purchasing fiduciary liability insurance. Corporate trustee fees are usually based on a percentage of plan assets and will vary depending on the type of plan (401(k), defined benefit pension, etc.) and the functions be performed (whether the trustee is acting as a directed trustee or a discretionary trustee). A directed trustee holds the assets, makes distributions, and carries out the investment directions of the employer or the assigned investment advisor of the plan. A discretionary trustee performs the same functions as a directed trustee but also selects and manages the investments. The fees for a full trustee are higher than for a directed trustee. The fees are usually a percentage of assets and for a $20,000,000 - 401(k) directed trustee plan the fees may be .1% - .2% ($20,000 - $40,000) and for a full trustee plan may be .6% - .8% ($120,000 - $160,000). The fees will also vary depending on the investments in the plan (mutual funds, in-house collective bank funds, individual securities, etc) and the use of other providers to perform some of the functions.

http://www.bizjournals.com/louisville/stories/2004/01/05/smallb3.html?page=2

http://www.investopedia.com/ask/answers/03/061003.asp

http://www.aon.com/about/publications/pdf/issues/ar_2005_autumn_rosseau_fiduciary_duties.pdf

http://www.dol.gov/ebsa/pdf/fab-2004-3.pdf