Review basic fiduciary standards and duties, and how ERISA Section 404(c) may relieve fiduciaries of these duties for a participant's directed investment.
Most 401(k) and other defined contribution retirement plans allow participants to choose their own investments. When plan fiduciaries allow participants to choose their own investments, the fiduciaries are protected from liability if certain conditions are met. Notwithstanding, in some cases, participants do not take advantage of the opportunity to choose their own investments. The plan fiduciaries are then forced to choose an investment, thus reviving the potential liabilities associated with allegations that the choice was imprudent and resulted in losses in the form of actual investment losses, as well as fees. Many fiduciaries do not understand that they are even making those choices and incurring potential liabilities. There are regulations that provide fiduciaries with protections when they are forced to choose a participant's investments by default. This information will assist fiduciaries in taking advantage of and attaining those protections.
Agenda
Faculty
John C. Hughes
Hawley Troxell LLP
- Counsel in the office of Hawley Troxell LLP
- Practice devoted to advising fiduciaries and employers large and small nationwide relative to ERISA/benefit plan risks and legal compliance
- Frequent writer, speaker, and quoted authority on ERISA/benefit plan related topics
- Former Editor-in-Chief of 401(k) Advisor, a long time nationally circulated monthly publication on topics pertaining to 401(k) plans
- J.D. degree, California Western School of Law; B.A. degree, State University of New York at Buffalo
- Can be contacted at 208-388-4067 or [email protected]
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