Question

which of the following statements is true according to erisa section 404(b)? a the fiduciary may maintain plan assets in any foreign jurisdiction b any plan participant may be considered a fiduciary c the fiduciary may not maintain the indicia of ownership of assets of the plan outside the jurisdiction of the district courts of the u.s. d the fiduciary may maintain the indicia of ownership of assets of the plan outside the jurisdiction of the district courts of the u.s. if authorized by the secretary of the department of labor

Answer 1

ERISA Section 404(b) states that a fiduciary may not hold the indicia of ownership of plan assets outside the jurisdiction of U.S. district courts, unless authorized by the Secretary of the Department of Labor. Therefore correct option is C

Step-by-step explanation:

According to ERISA Section 404(b), the statement that is true is: the fiduciary may not maintain the indicia of ownership of assets of the plan outside the jurisdiction of the district courts of the U.S. The ERISA stipulates that the fiduciary must discharge his or her duties with respect to a plan solely in the interest of the participants and beneficiaries. This includes ensuring that plan assets are protected and subject to U.S. legal proceedings, which is why holding assets outside the jurisdiction of the U.S. district courts is generally prohibited, unless specifically authorized by the Secretary of the Department of Labor.