Sec. 108. Fiduciary duties under SAVE UP Account contribution programs and SAVE UP Accounts
241 words·~1 min read·
/bill/114/hr/5731/ih/section-108·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For purposes of the Employee Retirement Income Security Act of 1974, the employer’s fiduciary duties under a SAVE UP Account contribution program established under section 102 shall be limited to those duties related to the timely payment in full to the individual’s SAVE UP Account of elective contributions made on behalf of employees as required under section 102(b)(2) and such employer contributions as may be provided for under the program pursuant to section 102(b)(3). Nothing in this Act shall be construed to impose on any employer with respect to any employee who is a participant in the employer’s SAVE UP Account contribution program any fiduciary duty with respect to the investment or distribution of assets held under the employee’s SAVE UP Account.
For purposes of the provisions of part 4 of subtitle B of title I of the Employee Retirement Income Security Act of 1974, and the provisions of part 5 of such subtitle as they relate to the enforcement of the provisions of such part 4, each member of the SAVE UP Board of Governors, each trustee of a SAVE UP Board of Trustees, and any person who has or exercises discretionary authority or discretionary control over the management or disposition of the SAVE UP Accounts Fund, and amounts held to the credit of SAVE UP Accounts, or the crediting of assets to SAVE UP Accounts, shall be included within the meaning of fiduciary under section 3(21)(A) of such Act.