The plan must provide for one or more "named fiduciaries" who jointly or severally control and manage the operation and administration of the plan. The plan instrument may actually designate the named fiduciary or may specify a procedure for naming one by the employer or employee organization maintaining the plan or by such employer and employee organization acting jointly. The ERISA Conference Report indicates that requiring a named fiduciary enables participants to identify those responsible for operating the plan.

Each plan must have at least one named fiduciary and, if plan assets are held in trust, the plan must have at least one trustee. Otherwise, no limits apply for the number of fiduciaries a plan may have. If the plan so provides, any person or group of persons may serve in more than one fiduciary capacity, including serving both as trustee and plan administrator. Also, a named fiduciary may appoint an investment manager to manage any assets; and a named fiduciary or a fiduciary designated as provided under ERISA §405(c)(1) may employ persons to render advice concerning any responsibility under the plan.

Finally, every plan must: (a) provide a procedure for establishing and carrying out a funding policy and method consistent with the plan’s objectives; (b) describe any procedure for the allocation of responsibilities for the operation and administration of the plan; (c) provide a procedure for amendments and for identifying persons who have authority to amend the plan; and (d) specify the basis on which payments are to be made to and from the plan.