N.J. Admin. Code § 17:6-16.6

Current through Register Vol. 56, No. 23, December 2, 2024

Section 17:6-16.6 - Fiduciary responsibility

(a) Any fiduciary will have only those specific powers, duties, responsibilities, and obligations specifically provided by the Program consistent with applicable law, or that are expressly required under a written agreement that is executed by or approved by the Plan Administrator if the written agreement is not inconsistent with the Program and applicable law.

(b) Each fiduciary warrants that any instruction or direction given, information furnished, or action taken by it will be according to the Program's provisions (or an instruction of the Plan Administrator).

(c) Each fiduciary will be responsible only for the proper exercise of his, her, or its own powers, duties, responsibilities, and obligations, and any fiduciary will not be liable for any act or omission (failure to act) of another fiduciary, except as provided in (d) below.

(d) A fiduciary will be liable for a breach of fiduciary responsibility of another fiduciary in the following circumstances:

1. If the fiduciary participates knowingly in, or knowingly undertakes to conceal, an act or omission of the other fiduciary, knowing such act or omission is a breach of the other fiduciary's responsibility;

2. If, by the fiduciary's failure to comply with his, her, or its duty in the administration of the fiduciary's specific responsibility that gives rise to the fiduciary's status as a fiduciary, the fiduciary has enabled the other fiduciary to commit a breach of the other fiduciary's responsibility; or

3. If the fiduciary has knowledge of a breach by the other fiduciary, unless the fiduciary makes reasonable efforts under the circumstances to remedy the breach.

N.J. Admin. Code § 17:6-16.6