Guest MichaelBligh Posted February 11, 2000 Report Share Posted February 11, 2000 Any thoughts on the duty of care which an employer must exercise when 457 plan uses a custodial account and/or annuity contracts? The employer is not a trustee and therefore does not have fiduciary responsibilities but does that get them completely off the hook for anything that might happen? The plan is entirely voluntary and all investment decisions are made by the employee. What if the employer picks a bad company to administer the program and there are excessive fees charged or other problems. The employer is not making the investment decisions but it picked the companies with which employee must use if he elects to participate. Link to comment Share on other sites More sharing options...
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
Already have an account? Sign in here.Sign In Now