joel Posted December 5, 2013 Share Posted December 5, 2013 This is a 401(a) defined contribution plan which is funded solely by the voluntary contributions of the public-sector workers in New Jersey. It started in 1963 with a single investment choice---a common stock portfolio. It has never expanded its investment menu. Are the Trustees in breach of their fiduciary duty? Link to comment Share on other sites More sharing options...
QDROphile Posted December 5, 2013 Share Posted December 5, 2013 How high is up? Link to comment Share on other sites More sharing options...
eeyore Posted December 6, 2013 Share Posted December 6, 2013 I'm not an attorney, but the ERISA sections dealing with fiduciary issues are generally not applicable to governmental plans. This question may fall under NJ law, if that concept is not an oxymoron. (Mandatory Sopranos reference.) Are investment choices in this plan set by statute? If not, is there a NJ statute governing the duties of fiduciaries? If trustees weren't sued about this by participants in 2008/2009, they can probably sleep soundly. Link to comment Share on other sites More sharing options...
joel Posted December 6, 2013 Author Share Posted December 6, 2013 The investment choice(s) is set by statute. Link to comment Share on other sites More sharing options...
joel Posted December 8, 2013 Author Share Posted December 8, 2013 Because the sole investment choice is set by statute, is the Board of Trustees free of liability for failure to offer a diversified investment menu? Link to comment Share on other sites More sharing options...
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