ERISA established fiduciary standards for pension fund trustees, managers, and advisors. Specifically, all parties responsible for the management of a pension fund are guided by the judgment of what is called a "wild man" in seeking to determine which investments are proper.

Question

Quizplus · Accepted Answer

While ERISA does establish fiduciary standards for pension fund trustees, managers, and advisors, the statement about a "wild man" is false and not related to ERISA. Fiduciary standards require that all decisions be made in the best interest of the pension plan beneficiaries, using the skill, care, prudence, and diligence that a prudent expert would apply in similar circumstances.

ERISA Established Fiduciary Standards for Pension Fund Trustees, Managers, and Advisors