Which of the following statements is NOT true with regards to the Employee Retirement Income Security Act (ERISA) ?
A) ERISA is administered by the Department of Labor.
B) ERISA requires that pension plans be in writing.
C) ERISA requires that pension fund managers owe a fiduciary duty to act as a "prudent person" in managing the fund and investing its assets.
D) ERISA requires that at least 15 percent of a pension fund's assets be invested in the securities of the sponsoring employer.
Correct Answer:
Verified
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