The scope of ERISA law is quite broad. Who is considered a Fiduciary under ERISA law?

Exercises any discretionary authority or discretionary control in managing the plan or who has any authority or control in managing or disposing of its assets; • renders investment advice for a fee or compensation with respect to any monies or other property belonging to the plan; or • has any discretionary authority or responsibility in administrating the plan. What are Fiduciaries requirements under ERISA? Fiduciaries are required to perform their duties solely in the interest of the plan participants and their beneficiaries.

Fiduciaries must exercise the care, skill, prudence, and the diligence of a prudent person who is acting in a like capacity and is familiar with such matters. This is a commonly referred to as the "prudent expert" rule. Erisa requires that the fiduciary be an expert in his or her duties , not just a "prudent person".

What are Fiduciaries exposures under ERISA? Fiduciary liability is personal, absolute and unlimited. ERISA made fiduciaries personally liable ...

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