Fiduciary Issues

What this video covers

• Whether a 401(k) rolled into an individual retirement account (IRA) keeps or loses ERISA's unlimited federal creditor protection
• Why ERISA uses the Department of Labor (DOL) for enforcement and which plan types fall outside its coverage
• How the functional definition of fiduciary status hinges on discretionary authority, control over plan assets, and investment advice for compensation
• The four core duties including loyalty (exclusive benefit rule), prudence (prudent expert rule), diversification, and compliance with plan documents
• Why the Uniform Prudent Investor Act (UPIA) governs personal trusts while ERISA demands the higher prudent expert standard
• The liability difference between a Section 3(21) investment adviser who recommends versus a Section 3(38) investment manager who assumes full discretion and transfers liability from the plan sponsor
• The three requirements for participant-directed safe harbor relief and why prudent selection and monitoring of options still remains even after safe harbor is achieved
• The 120-day limit for money market funds as a qualified default investment alternative (QDIA) and the 90-day fee-free transfer window