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| ERISA Standards |
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Using an investment advisor or investment manager at the plan or participant level can help cut plan-related investment liabilities. But in order to get that "protection," a fiduciary must meet the "prudent man" standard.
Those standards are:
1) Act as a prudent person "familiar with such matters."
In the case of retirement plans, it means being familiar with investing retirement plan assets. If you lack that expertise, you must get help from an expert.
2) Act only to provide retirement benefits.
Fiduciaries must use a "prudent process" and act at the level of a knowledgeable person for the purpose of providing benefits. |
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