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The Latest Tussey v. ABB Decision: Fiduciary Lessons Aplenty
Fiduciary Matters Blog 
July 20, 2015
"If you are faced with the opportunity to reduce costs by using proprietary investments, consider documenting your reasons to adopt proprietary funds by answering the following questions: [1] Are we using proprietary funds? [2] Are we replacing an existing fund with a proprietary fund? [3] Have we selected proprietary funds based on the standards and criteria established in the [investment policy statement (IPS)]? [4] If an exception is necessary to use a proprietary fund, should we change the IPS standards and criteria permanently? [5] Are we using a proprietary fund because it is in the best interests of participants or because it reduces the cost to the Plan Sponsor? [6] How are we accounting for any additional revenue sharing from the use of the proprietary funds?" [Tussey v. ABB Inc., No. 2:06-CV-04305 (W.D. Mo. July 9, 2015)]
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