CPFA Practice Questions - Certified Plan Fiduciary Advisor Exam

When a plan sponsor hires a 3(38) investment manager, what is the sponsor's remaining fiduciary responsibility?

No fiduciary duty remains for any aspect of the plan Filing the manager's Form ADV with the SEC Approving every individual investment trade Prudently selecting and monitoring the 3(38) manager

Correct Answer:

Prudently selecting and monitoring the 3(38) manager

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