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Fiduciary Risks Involved in Transferring Assets from a Seller's 401(k) Plan to the Buyer's Plan
McDermott Will & Emery via Lexology; registration required 
July 15, 2015
"Fiduciaries of 401(k) plans considering accepting asset transfers of former employer stock have often been advised to engage counsel to evaluate the prudence of holding the former employer stock in the buyer's plan as an investment alternative (even if 'frozen' to new investment) and establish a timeline for requiring that plan participants divest the former employer stock within one to two years of the asset transfer from the seller's plan.... In Tatum, the plan was not properly amended to require the divestiture of former employer stock. This failure to properly amend the plan converted a plan design decision, which was a non-fiduciary or 'settlor' decision, into a fiduciary act." [Tatum v. RJR Pension Investment Comm., No. 13-1360 (4th Cir. Aug. 4, 2014; cert. denied June 29, 2015)]
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