Jump to content

457 exculpatory trust language


Guest Ralph Amadio
 Share

Recommended Posts

Guest Ralph Amadio

Ran across language in a public 457 plan that absolves the trustee (plan sponsor) of all possible transgressions involving investments, employees, assets and possibly the kidnapping of the Lindbergh baby. This appeared to be an attempt to also qualify the plan for Jan. 1, 1999 "exclusive benefit rules".

Could we have input from our learned members of the legal profession as to the efficacy of this type of language under common and state trust laws for fiduciaries?

Link to comment
Share on other sites

Guest CVCalhoun

Well, I think the fiduciaries are definitely off the hook for the kidnapping of the Lindberg baby! smile.gif

As for the other issues, I don't even want to get into that morass. It depends heavily on such things as the extent to which the state has waived sovereign immunity, state indemnification statutes, etc. Personally, I'd rather go searching for the Lindberg baby than for a definitive answer to this one.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...