New Jersey Administrative Code
Title 17 - TREASURY - GENERAL
Chapter 7 - ALTERNATE BENEFIT PROGRAM
Subchapter 11 - GENERAL PROVISIONS-ABP PROGRAM
Section 17:7-11.5 - Fiduciary responsibility
Current through Register Vol. 56, No. 6, March 18, 2024
(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: