One good deed may go unpunished: do plan sponsors really increase fiduciary risk by offering third-party investment advice to participants?
Article Abstract:
This article concerns the issue of the liability of employee benefit plan fiduciaries for providing plan beneficiaries with investment advice through third-party investment advisers. Questions may arise regarding the structure of fee arrangements which could violate ERISA prohibited transaction rules. Prudence in selecting and retaining advisers for investment education and no limitation on beneficiaries' access to other advisers are factors making liability unlikely.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1999
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DOL reaffirms warning to employee benefit plan administrators about year 2000 problems and issues fiduciary-related Y2K questions and answers
Article Abstract:
The fiduciary duty of administrators of employee benefit plans to work toward year 2000 computer compliance was reinforced by the US Labor Dept (DOL) in Feb and July 1998 press releases. Questions and answers accompanying the July release provide guidance regarding DOL expectations for prudent procedures which go far beyond reliance upon plan auditors.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1998
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District court finds that employer did not breach its fiduciary duties when it failed to exercise contract right to withdraw s. 403(b) plan's assets from insolvent insurer
Article Abstract:
A California U.S. District Court in Crowhurst v. California Institute of Technology determined that an employer's failure to withdraw IRC section 403(b) plan assets from the insolvent insurance carrier of the employer's group annuity plan did not constitute a breach of ERISA fiduciary duties.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1999
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