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Thank you for your reply.

According to my daughter DOL does not care how the contributions were invested. In this case the employees had no alternative investment options (i.e. the monies were put in the plans and the trustees were supposed to invest it visa via a 401(k) plan where you have alternatives). Thus the fiduciary responsibility lies with the trustees.

From what she has explained to me and the cod information that she has shown me the ERISA code says that the fiduciaries responsibilities are to

Section 1104 (a)(1)(B) of ERISA "with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims" and furthermore, section (C) "by diversifying the investments of the plan so as to minimize the risk of large losses ...."

I would be fried too if these people were knowledgeable and they left it in a savings account. Obviously there is not much risk of loss in a savings account but there sure is very little gain either, especially when people are planning on using this for their retirement.

With UAL we have a wide variety of 401(k) options and if I do a poor job of investing then that is my fault but my daughter has no options and it appears that the trustees did not perform their duties.

See the great response at post 2478.
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