29 U.S.C. § 1109 — Liability for breach of fiduciary duty
submitted 52 years ago by Pub. L. 93-406 to r/title-29-LABOR · 145 words · no verdicts yet
A plan fiduciary who breaches a duty must personally make up the plan’s resulting losses and return profits made by using plan assets. The court may impose other fair remedies, including removal, but a person is not liable for a breach before becoming or after ceasing to be a fiduciary.
(a) A person* who is a fiduciary for a plan* and breaches a fiduciary responsibility, obligation, or duty under this subchapter is personally responsible. The fiduciary must make the plan whole for losses caused by each breach and return profits made by using plan assets. The court may also order any other fair or corrective remedy it considers appropriate, including removing the fiduciary. A fiduciary may also be removed for violating section 1111 of this title.
(b) A fiduciary is not liable for a breach under this subchapter if it happened before the person became a fiduciary or after the person stopped being one.
Any person* who is a fiduciary with respect to a plan* who breaches any of the responsibilities, obligations, or duties imposed upon fiduciaries by this subchapter shall be personally liable to make good to such plan any losses to the plan resulting from each such breach, and to restore to such plan any profits of such fiduciary which have been made through use of assets of the plan by the fiduciary, and shall be subject to such other equitable or remedial relief as the court may deem appropriate, including removal of such fiduciary. A fiduciary may also be removed for a violation of section 1111 of this title.
No fiduciary shall be liable with respect to a breach of fiduciary duty under this subchapter if such breach was committed before he became a fiduciary or after he ceased to be a fiduciary.
Source credit: (Pub. L. 93–406, title I, § 409, Sept. 2, 1974, 88 Stat. 886.)
- 1974Enacted · Pub. L. 93-406 · 88 Stat. 886
A history note hasn’t been published yet. The record shows enactment by Pub. L. 93-406 on 1974-09-02.
all 0 arguments · sorted by: best
no arguments yet — make the first case