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Essentials of Retirement Planning by Eric Robbins

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CHAPTER 12

Fiduciary Responsibility

Introduction

As a person is growing up, they are always encouraged to become more responsible. In the world of employer-sponsored plans, the responsible party is called the fiduciary, and they are rightly held to a high standard to protect the participants’ best interests. Fiduciaries are actually personally liable for any wrong-doings. This knowledge creates a need to be laser-focused upon what can and cannot be done with plan assets. This is a good thing for plan participants, but the degree of restrictions creates a high hurdle for individuals to be willing to become a plan fiduciary. Because of this, there are some measures that can reduce the burden for a fiduciary. You will learn about some of the rules ...

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