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Leslie Kramerich Talks to ASPA Conference About Investment Advice for Plan Participants
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] Link to more items from this source
Sept. 18, 2000
"Basically many workers are not schooled in complexities of investment management, risk/return strategies, asset allocation and diversification principles yet often have the responsibility for making investment decisions in their 401(k) plans.... Many workers may not wish to assume responsibility for making such decisions and may need professional advice. A plan may pay reasonable expenses in providing such investment advice to the plan's participants.... The rules applying to the prudent selection of one or more investment advisors for plan participants are similar to those applying to selecting any plan service provider. Responsible plan fiduciaries must engage in an objective process to elicit information necessary to assess the provider's qualifications, quality of services offered and reasonableness of fees charged for the service."

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