May a fiduciary be relieved of any fiduciary responsibility?
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ERISA prohibits any agreement which attempts to relieve a fiduciary from any responsibility or liability for any fiduciary obligation except to the extent specifically allotted or delegated to others. The indemnification agreement does not relieve the fiduciary from responsibility and liability. But instead, an indemnification agreement merely permits another party to satisfy the fiduciary's liability in the same manner as insurance is permissible. |
