The Employee Retirement Income Security Act ("ERISA") is a federal law that proscribes rules of conduct for people and companies who are in the business of managing employer-sponsored retirement plans in the private sector. Any person who performs certain functions with respect to an employee retirement plan, such as managing the investment of funds or administering the plan, constitutes a fiduciary, which gives him or her certain legal duties and responsibilities under the law. Among the ERISA fiduciary responsibilities are the requirements that a fiduciary act solely in the best interests of the plan's investors, follow plan documents, diversify plan investments, and pay only reasonable plan expenses. In essence, a fiduciary must act prudently so as to safeguard and grow an investor's assets without incurring significant risks or losses. Therefore, fiduciaries must take care to limit their liability and avoid breaching their fiduciary responsibilities, such as by keeping accurate and timely documentation of all actions taken on a particular account, and giving investors greater control over their investments.