ERISA requires plan fiduciaries to act prudently under circumstances then prevailing with respect to their qualified employee benefit plans. This process is commonly referred to as procedural prudence, and plan sponsors would be well-served to include it in their plan decision-making process, in light of todays increased emphasis on fiduciary obligations.
Fiduciaries who select investment menu options have many factors to consider. Such factors increasingly include plan participant demographics, which today means far more than participant ages and retirement timeframe.
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