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Outsourcing of the Defined Contribution Plan Fiduciary Function
October Three Consulting Link to more items from this source
Oct. 30, 2014
"It is generally understood that a named fiduciary (e.g., a sponsor-fiduciary) may (under properly drafted plan documents) delegate fiduciary responsibilities. In that circumstance, the named fiduciary is generally responsible for the prudent selection and monitoring of the performance of the delegate.... The idea behind outsourcing is that that duty itself -- the responsibility for appointing and monitoring fund managers or service providers -- would be outsourced. In theory, the sponsor would then be left with the sole duty of prudently appointing and monitoring the outsourcing provider. Does that work? Is it an improvement over the prior situation? "

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