The regulations expand the definition of fiduciary investment advice, and cause many consultants that are not currently fiduciaries to be considered fiduciaries.

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The investment fiduciary decreases the time required by the investment committee to monitor the plan, which allows the senior staff to do what they do best which is to run the company.

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Trustees and their investment committees are the ultimate bearers of fiduciary responsibility for all investment decisions, and trustees should be mindful about selecting an outsourcing provider that can help them fulfill the fiduciary obligations in the most effective way.

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