Guidance On Investment Advice For 401(k) Participants

Law360, New York (March 29, 2007, 12:00 AM EDT) -- * Background *

As increasing numbers of traditional defined benefit pension plans are being frozen or terminated, making participation in such plans an increasingly rare event, defined contribution plans having a cash or deferral arrangement (CODA) feature, better known as 401(k) plans, are becoming the predominant retirement savings vehicle for millions of Americans.

Furthermore, 401(k) plans that allow participants to direct the investment of their own accounts, thereby granting plan sponsors certain protections from fiduciary liability with respect to the investment performance of the individual funds...
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