How Should Plan Fiduciaries Address Mutual Fund Investigations and Allegations?
Plan fiduciaries who have responsibility for investments have an ongoing obligation to monitor the funds offered as investment options under their plans and to decide whether these funds should be kept or removed. Although what constitutes a prudent review is determined by the specific facts and circumstances, here are some practical steps that may help to show that plan fiduciaries have acted prudently. • Hold an Investment Review Meeting: Depending on how often regularly scheduled meetings are held regarding plan investments, a special meeting may be in order. • Gather Information and Consider Alternatives: Determining whether to retain a fund involves many considerations. Plan fiduciaries should educate themselves on the issues and should not be afraid to ask questions. For example, fiduciaries may wish to contact their plan investment advisors for advice regarding the effect of the recent mutual fund allegations on the funds offered under their plans even if these funds have not be
Related Questions
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- How Should Plan Fiduciaries Address Mutual Fund Investigations and Allegations?
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