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Plan fiduciaries include plan administrators, trustees, and retirement plan committee members.
Trustees have exclusive authority and discretion to manage plan assets, making them fiduciaries; however, not all trustees have the same degree of authority or control.
Conaglen's approach aims to identify 'peculiarly fiduciary duties' as those duties that are owed by fiduciaries and only by fiduciaries.
In Conaglen's case, the argument is that fiduciary obligations have one function only, which is to increase the probability that fiduciaries will fulfil their non-fiduciary obligations.
It has often been suggested that fiduciary law exists to protect vulnerable beneficiaries from exploitation by their fiduciaries. (35) Although some may suppose that the fiduciary concept's purpose is to protect the interests of beneficiaries from harm by their fiduciaries, a possible reason for this misapprehension is that the fiduciary concept's protection of relationships has the incidental effect of protecting those parties whose interests are vulnerable to being abused by others.
As a result, plan fiduciaries should: 1) understand fees paid to recordkeepers and other plan service providers; 2) review fees paid to plan service providers on a regular basis; and 3) revisit disclosures to ensure that compensation paid is accurately disclosed.
(16) The high costs of monitoring are often due to a fiduciary's expertise vis-a-vis their beneficiary, which makes it difficult for beneficiaries to monitor their fiduciaries. (17) Additionally, the fiduciary's performance cannot always be measured objectively in real time.
There are only three enumerated prohibited transactions addressing fiduciaries, but the implications are plentiful for investment advisors and managers.
50 percent of all respondents and 80 percent who describe themselves as fiduciaries say the standard of care is not well regulated.
Conventional fiduciary relationships are formed between fiduciaries and beneficiaries, and found an interpersonal form of accountability, realized through assignment of correlative rights and duties between the parties.
(2) We say that fiduciaries are to be loyal to their beneficiaries rather than to be loyal in general (3) and that beneficiaries have a legitimate expectation of loyalty from their fiduciaries (but not necessarily anyone else).
The Fiduciary Program then monitors these fiduciaries to ensure the veteran's funds are properly expended.