What will the threat of a lawsuit cost you?
Even if you do prevail, at what cost to your time and your reputation will a lawsuit inflict?
The most discouraging event for a plaintiff attorney is when he realizes an accredited investment fiduciary represents your plan. He knows at that point that the typical 401(k) nonconformities are not present and he cannot opportunistically capitalize on your oversights.
What are the benefits of appointing an investment manager fiduciary under [ERISA 3(38) (C)]?
The investment manager is hired to among other things help ensure the Plan is compliant with ERISA 404(c).
Strengthen your defense.
You gain the legal ERISA-Safe Harbor protection by contracting with an authentic investment fiduciary 404(c) and investment manager ERISA 3(38).
If a Plan appoints an investment manger {co-fiduciary under ERISA 3(38) (C)}, no other fiduciary is liable for the acts or omissions of such investment manager or managers [ERISA 405(d) (1)].
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