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Statement of Assistant DOL Sec.: Duties of Fiduciaries In Light of Recent Mutual Fund Investigations
Ann L. Combs, Assistant Secretary, U.S. Department of Labor [DOL] 
Feb. 18, 2004
Excerpt: The exercise of prudence in this context requires a deliberative process. In this regard, fiduciaries, deciding whether to make any changes in mutual fund investments or investment options, must make decisions that are as well informed as possible under the circumstances.... Plan fiduciaries should follow prudent plan procedures relating to investment decisions and document their decisions.
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