A fiduciary is someone who is legally required to act in the best interests of another on all matters within the scope of the fiduciary relationship. Under ERISA, certain people or groups of people are fiduciaries by statute. They include: (i) those people who exercise any discretionary authority or control over the plan, (ii) those who render investment advice to a plan for a fee or other compensation; or (iii) those people who have any discretionary authority or discretionary responsibility in the administration of a plan. An ERISA fiduciary has many responsibilities, and is required to act solely in the interest of the participants and beneficiaries and for the exclusive purpose of: (i) providing benefits to participants and their beneficiaries; and (ii) defraying reasonable expenses of administering the plan. An ERISA fiduciary must further exercise its duties as a reasonably prudent person would under the same or similar circumstances.