LAPP Corporation (LAPP Corp.) has a fiduciary duty as the Plan’s administrator and trustee, which means it holds a relationship of trust and confidence to manage and protect the funds of the Plan. This ensures the delivery of pension benefits and the long-term sustainability of LAPP for generations to come.
In carrying out its fiduciary duty, LAPP Corp. works diligently to facilitate and maintain ongoing communication, cooperation and collaboration with its trusted service providers.
LAPP Corp. has signed business agreements with the key service providers that provide pension benefit administration services and investment management services to the Plan that detail the duties and responsibilities of each. In its role as the Plan administrator and trustee, LAPP Corp. is also responsible for monitoring and reporting on the work of its service providers.