Opinion ID: 421887
Heading Depth: 2
Heading Rank: 1

Heading: Provisions of ERISA

Text: 16 ERISA is a broad, remedial statute, designed to protect the rights of participants in employee benefit plans and their beneficiaries. Section 404(a)(1) of the Act, 29 U.S.C. § 1104(a)(1), provides: 17 (a)(1) ... a fiduciary shall discharge his duties with respect to a plan solely in the interest of the participants and beneficiaries and(A) for the exclusive purpose of: 18 (i) providing benefits to participants and their beneficiaries; and 19 (ii) defraying reasonable expenses of administering the plan; 20 (B) 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; 21