Investment Advice- DOL

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I was reading an article in the CPA Journal today that contained the following statement:

"The DOL has stated that a plan sponsor will not be liable for the advice provided by a third-party investment advisor if the sponsor acts prudently

in selecting and monitoring the advisor, the advisor is licensed to provide advice, and the sponsor obtains written documentation that the advisor will be acting as a fiduciary."

While I think this is a good statement of the law, I don't know of any formal DOL guidance where this was explicitly stated. Could someone point me to where DOL may have said this? Could it relate to the informal statements made by Olena Berg a few years ago?

Thanks!

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