The law holds sponsors of retirement plans to very high standards. In fact, the courts themselves have commented that ERISA establishes the highest standard of care under American law.
At the same time, ERISA doesn't offer a lot in the way of specific guidance. That puts plan fiduciaries in a tough spot—particularly when it comes to performing due diligence on investments.
One way many fiduciaries address this challenge is by forming an investment committee. However, in many cases, these committees tend to be informal groups of executives with no specific procedures to follow.
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