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The following information is derived from “Those Pesky Plan Documents…What Do They Have To Do With my Fiduciary Duties?,” an article by Deborah Fabricant that appeared in Boutwell Fay LLP’s Benefits News blog.
How can a fiduciary avoid violating the ERISA Section 404(a)(1)(D) plan document duty?
Boutwell writes that there are some concrete steps that can be taken in order to avoid violating fiduciary plan document duties:
Identify governing plan documents. She suggests asking oneself questions may help in this process, including:
Consider whether less may be more. Fabricant suggests that plan fiduciaries consider whether the notion that “the less you say the better” may apply to plan documents. She suggests that detailed provisions, such as specific investment allocations, may restrict as fiduciary, and that being mindful of ERISA Section 404(a)(1)(D) when a document is being drafted and reviewed may prevent difficulties for a fiduciary in the future.
The following information is derived from “Those Pesky Plan Documents…What Do They Have To Do With my Fiduciary Duties?,” an article by Deborah Fabricant that appeared in Boutwell Fay LLP’s Benefits News blog.
How can a fiduciary avoid violating the ERISA Section 404(a)(1)(D) plan document duty?
Boutwell writes that there are some concrete steps that can be taken in order to avoid violating fiduciary plan document duties:
Identify governing plan documents. She suggests asking oneself questions may help in this process, including:
- Which documents are the current plan documents?
- Are plan amendments that have never been signed governing plan documents?
- Will other documents, such as investment policy statements, QDRO policies, loan procedures and other decrees affecting benefits and beneficiary designations be considered governing documents?
Consider whether less may be more. Fabricant suggests that plan fiduciaries consider whether the notion that “the less you say the better” may apply to plan documents. She suggests that detailed provisions, such as specific investment allocations, may restrict as fiduciary, and that being mindful of ERISA Section 404(a)(1)(D) when a document is being drafted and reviewed may prevent difficulties for a fiduciary in the future.
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