Author Question: Explain the concept of a fiduciary.[br][br][b][color=gray]Question ... (Read 94 times)

ss2343 · **on:** Jun 24, 2018

Explain the concept of a fiduciary.

Question 2

Subject-matter jurisdiction is:
a. relevant in civil litigation but not in criminal litigation
b. voided upon appeal to the appropriate court of appeals c. also referred to as trial de novo
d. applied to administrative agencies but not to federal trial courts e. none of the other choices are correct

sarah_brady415 · **Reply #1 on:** Jun 24, 2018

Answer to Question 1

Employee Retirement Income Security Act (ERISA) defines a fiduciary as including any person exercising discretionary authority or control respecting the management of the benefit plan, or disposition of plan assets; or who renders, or has authority or responsibility to render, investment advice (for which he or she is compensated) with respect to any money or property of the plan; or who has any discretionary authority or responsibility in the administration of the plan.

ERISA imposes standards of conduct and responsibility on fiduciaries of benefit plans established or maintained by employers and unions engaged in or affecting interstate commerce. The Act requires that all such plans must be in writing and must designate at least one named fiduciary that has the authority to manage and control the plan's operation and management. The plan must also provide a written procedure for establishing and carrying out a funding policy that is consistent with the plan's objectives and with ERISA's requirements. The written provisions must also specify the basis on which contributions to the fund and payments from the fund will be made.

Answer to Question 2

e