Fiduciary questions

[scout]

Not sure if I can remember the specifics, but there were definitely three. Can anyone verify the correct answers?

1. Can a fiduciary be a benefitting member of the plan?
2. Is fiduciary liable for actions of prior fiduciary?
3. Is officer who chooses investment manager (but no other involvement in plan) considered a fiduciary?

[Grits N Gravy]

Another question:

Is the attorney who drafts the plan document a fiduciary?

[Erica]

Sorry I started a thread before I saw yours.

(1) I said a fiduciary can benefit because we have clients that do.

(3) I initially said yes, but changed it to no because I think there is something about identifying a single fiduciary who is responsible. They can delegate some responsibility, but remain the ultimate fiduciary. This person did not seem to have any decision making responsibility.

[scout]

From the ERISA answer book:

* attorney is NOT a fiduciary
* fiduciary may be held responsible for actions of prior fiduciary if they were negligent in correcting such actions

I don't think that question gave enough information, but I guessed no.

Also said fiduciary could benefit and officer was not fiduciary, but those were just my guesses.

[chicken boo]

Originally Posted by scout

* fiduciary may be held responsible for actions of prior fiduciary if they were negligent in correcting such actions

I believe the original question also said somthing like "...even if they attempted corrections".