ERISA 3(38)

US Code Citation; (Primary Source)
Office of the Law Revision Counsel,
U.S. House of Representatives

-CITE-

29 USC Sec. 1109                                            01/03/2012 (112-90)

-EXPCITE-

TITLE 29 – LABOR

CHAPTER 18 – EMPLOYEE RETIREMENT INCOME SECURITY PROGRAM

SUBCHAPTER I – PROTECTION OF EMPLOYEE BENEFIT RIGHTS

Subtitle B – Regulatory Provisions

part 4 – fiduciary responsibility

-HEAD-

Sec. 1109. Liability for breach of fiduciary duty

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(a) Any person who is a fiduciary with respect to a plan who

breaches any of the responsibilities, obligations, or duties

imposed upon fiduciaries by this subchapter shall be personally

liable to make good to such plan any losses to the plan resulting

from each such breach, and to restore to such plan any profits of

such fiduciary which have been made through use of assets of the

plan by the fiduciary, and shall be subject to such other equitable

or remedial relief as the court may deem appropriate, including

removal of such fiduciary. A fiduciary may also be removed for a

violation of section 1111 of this title.

(b) No fiduciary shall be liable with respect to a breach of

fiduciary duty under this subchapter if such breach was committed

before he became a fiduciary or after he ceased to be a fiduciary.

-SOURCE-

(Pub. L. 93-406, title I, Sec. 409, Sept. 2, 1974, 88 Stat. 886.)

http://uscode.house.gov/uscode-cgi/fastweb.exe?getdoc+uscview+t29t32+511+0++%28personally%20liable%29%20%20AND%20%28%2829%29%20ADJ%20USC%29%3ACITE%20AND%20%28USC%20w%2F10%20%281109%29%29%3ACITE%20%20%20%20%20%20%20%20%20