ERISA requires a trustee to act “solely in the interest” of a plan’s participants and beneficiaries, and to discharge his duties “with the care, skill, prudence, and diligence... that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character...” Failing to uphold these fiduciary standards can cause a trustee to be held personally liable for any losses to the plan caused by his breach.
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