Fiduciaries may delegate responsibilities-avoid liability

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Reference no: EM133835130

Question

Accountability is shown in these plans in ERISA Section 402(b)(3) when stating that, while a plan may be amended, the original plan must have the procedure for doing so in addition to who has this authority. If anything were to change, there still would be no confusion of who eventually holds liability for mismanagement. Similarly, ERISA Section 405(c)(2) explains that, while fiduciaries may delegate responsibilities and avoid liability, this privilege only comes with the expectation that the original fiduciary still must monitor their delegate(s).

Reference no: EM133835130

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