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Be Mindful of ERISA Section 404(b) When Investing ERISA Plan Assets in International Markets
Winston & Strawn LLP Jan. 21, 2014 "If the plan's trustee is responsible for maintaining compliance with Section 404(b), plan fiduciaries should take care that the trustee has a robust diligence process for selecting and monitoring international sub-custodians, particularly in emerging and frontier markets, and confirm that the trustee will remain liable for any sub-custodians' actions or omissions to the same extent as if the trustee made such actions/omissions. If a plan fiduciary retains an investment adviser that is not organized under the laws of the U.S. with its principal place of business in the U.S., the plan fiduciary should take care to confirm that its Section 404(b) obligations are satisfied through an arrangement with the plan's trustee (or other qualified provider) because the investment adviser likely could not meet the requirements of the DOL exception ... due to its non-U.S. status." |
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