Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 1 of 1
Full-Text Articles in Law
See No Evil - The Role Of The Directed Trustee Under Erisa, Patricia W. Moore
See No Evil - The Role Of The Directed Trustee Under Erisa, Patricia W. Moore
Faculty Articles
Just before ERISA's passage, Congress added a provision allowing a sponsoring employer to use a "named fiduciary" – usually one or more of the employer's officers – to direct the trustee. In that case, the trustee is to "be subject to proper directions of such fiduciary which are made in accordance with the terms of the plan and which are not contrary to this Act." Such a trustee is commonly called a "directed trustee."
After ERISA became law, commentators immediately observed that section 403(a)(1) generated more questions than answers. For instance, is a directed trustee a "fiduciary" at all? Does …