Final answer:
Stewart, as a pension fund manager, must maintain a duty of loyalty, prudence, and care to the beneficiaries of Goodner Industries, Inc.'s pension fund, aligning with the obligations under the Employee Retirement Income Security Act (ERISA).
Step-by-step explanation:
Stewart's duty of loyalty, prudence, and care is owed to the beneficiaries of the Goodner Industries, Inc., pension fund. As a pension fund manager, Stewart is required to act in the best interests of the employees and retirees who will be relying on these funds for their future income.
This legal obligation is derived from the principles founded in the Employee Retirement Income Security Act (ERISA), which mandates fiduciary responsibility for those who manage employee benefit plans. Stewart must make investment decisions prudently, diversify investments to minimize the risk of large losses, and act solely in the interest of the participants and their beneficiaries.