Does the ESOP trustee have a fiduciary duty to participants if management also participates in the plan?

Yes. The ESOP trustee must act solely in the interest of participants and beneficiaries as a class. The exclusive purpose is to provide retirement benefits and pay reasonable plan expenses. Management employees can be participants. ERISA allows officers to serve as fiduciaries and to receive the same plan benefits as other participants. The duty starts when the trust holds plan assets, including in year one before the first account statement.