Exercises any discretion or control over the assets of the plan. An agent is the person or entity responsible for making investment decisions in the best interests of plan participants. An agent is assigned by another agent, z.B.dem employer, who sponsors the qualified pension plan, and should be mentioned in the plan documents. An agent is subject to additional restrictions. An attorney can`t, for example. B, manage its own plan assets or conduct conflict of interest transactions. 4. Trustees must diversify planned investments to minimize the risk of significant losses (unless it is clearly wise not to do so). Once you`ve chosen the type of plan for your business, you have flexibility in choosing certain features of the plan – z.B. that can contribute to the plan and how much. Other features in the plan are required by law. For example, the plan document should describe how certain key functions are performed, for example.
B the way contributions are deposited in the plan. Some tariffs are divided among others according to planning procedures, which reduces the scope of directors` duties. For example, a person who is not an agent may be appointed as the agent responsible for the participants` loan program. If an agent violates any of the obligations, obligations or obligations imposed by ERISA, the agent is personally required to repay the plan for losses resulting from the breach. The agent is responsible for restoring the profits he has made through the use of the plan`s assets. A civil action may be brought by a participant or beneficiary or other agent. In addition, the agent will be subject to fair or corrective relief, as the court deems appropriate, such as the withdrawal of the agent.B. Even if an agent delegates part of his fiduciary duties to others, the agent is not completely removed from his fiduciary duties because the agent is required to supervise the performance of those to whom the duties have been entrusted.