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Plan fiduciaries who accept a conflicted fund recommendation are considered to have embraced it as their own and are therefore held to have selected that fund investment.
Plan fiduciaries should incur costs that are reasonable in amount and consistent with the responsibilities of the plan.
His account ultimately says that the only difference between fiduciaries and non-fiduciaries is that while we want both to always fulfil their non-fiduciary obligations, we really want fiduciaries to do so.
Secondly, Conaglen's account does not seem true to Equity's practice, because we make fiduciaries liable even if they have fulfilled those other obligations.
While fiduciary norms furnish beneficiaries who entrust others within fiduciary interactions with the means to protect or abuse their interests, the fiduciaries entrusted by the beneficiaries are furnished with significant disincentives to abuse that trust.
Fiduciary law protects important social and economic interactions of high trust and confidence that create an implicit dependency and peculiar vulnerability of beneficiaries to their fiduciaries. (38) While placing ordinary trust and confidence in others will create other forms of obligation, only high trust and confidence reposed within the context of the types of important social and economic relations contemplated above will give rise to fiduciary obligations.
Edison, the appellate court ruled in favor of the plaintiffs and found that the plan fiduciaries breached their duties to the plan when investing in retail share classes and failed to consider the less expensive institutional shares.
Leib, Ponet, and Serota acknowledge the differences between private and public fiduciaries: private fiduciaries often make decisions affecting the interest and assets of small and identifiable groups of beneficiaries, while public fiduciaries render general decisions for large classes of citizens whose interests may conflict.
However, level-fee fiduciaries (i.e., advisors who provide services only on an "asset under management basis" or "fixed fee" basis that does not vary based on an investment recommended in connection with advisory or management services to the ERISA plan or IRA) are able to comply with the Best Interest Contract Exemption on a streamlined basis.
Most fiduciaries are engaged in the provision of fiduciary services for or on behalf of a beneficiary or group of beneficiaries.
(8) These rules provide specific expression to the general expectation that fiduciaries will consider only the interests of their beneficiaries.
(11) In theory, privatizing this system increases the number of incompetent veterans receiving help while simultaneously empowering the Fiduciary Program to shift from administering the Program to monitoring fiduciaries.