Too busy to manage your retirement plan?
(WHY)…Should Your Company Hire
an ERISA 3(38) Investment Manager
for The 401(k) Plan?
Transfer risks of fiduciary responsibility to an Investment Manager.http://www.401kfiduciarynews.com/should-your-company-hire-an-erisa-338-investment-manager-for-the-401k-plan
US Code Citation; (Primary Source)
Office of the Law Revision Counsel,
U.S. House of Representatives
29 USC Sec. 1109 01/03/2012 (112-90)
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
Sec. 1109. Liability for breach of fiduciary duty
(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.
(Pub. L. 93-406, title I, Sec. 409, Sept. 2, 1974, 88 Stat. 886.)