LAPP Corporation 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 Corporation works diligently to facilitate and maintain ongoing communication, cooperation, and collaboration with its trusted service providers.
LAPP Corporation has evolving agreements, with a legislated pension benefit administration service and legislated investment management service to the Plan, that detail the duties and responsibilities of each. In its role as the Plan administrator and trustee, LAPP Corporation is also responsible for monitoring and reporting on the work of its service providers.