All of the following are benefits of complying with the ERISA Sec. 404(c) requirements for qualified plans EXCEPT:

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03-01-2020
Social Studies

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All of the following are benefits of complying with the ERISA Sec. 404(c) requirements for qualified plans EXCEPT:

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sunmathisynergy sunmathisynergy · Answer 1 · 2020-01-11T11:47:31+01:00

Answer:

All of the following are benefits of complying with the ERISA Sec. 404(c) requirements for qualified plans except that plan fiduciaries may deal with the assets of the plan for its own account.

Explanation:

Section 404(c) of the Employee Retirement Income Security Act of 1974 clarifies that an individual who uses a pension plan that enables him/her to use an individual account with the facility to use the assets in the account in order to divert them for other financial purposes, he/she would not be deemed to be a fiduciary.
According to this section of the ERISA, the account holder can exercise independent control over his account by putting to use various plans enlisted under the ERISA section 404(c) plans.