An employer that is a fiduciary must act solely and only in the interest of the employee pension plan's participants and beneficiaries. The employer must put the interests of the plan and its participants and beneficiaries foremost. It may not manipulate the plan to advance some other business purpose or such as the company's image or finances.

An employer that is a fiduciary may not make material misrepresentations or omissions about the plan. Examples of material misrepresentations or omissions include the following: repeated assurances that plan benefits could not be terminated after the employees' retirement; misrepresentations about proposed future changes to an ERISA governed plan; failing to affirmatively disclose information where the fiduciary knows that silence might be harmful; misleading communications to plan participants regarding eligibility or extent of available benefits.