ERISA Section 404

ERISA Section 404 is a part of the Employee Retirement Income Security Act that sets standards for the management of employee benefit plans, including retirement plans. It requires plan administrators to act in the best interest of participants and beneficiaries, ensuring that they manage funds prudently and diversely. This section emphasizes loyalty, care, and the necessity to follow the plan documents. Essentially, it holds those in charge accountable for making sound financial decisions to protect employees' retirement savings, aiming to prevent mismanagement and conflicts of interest.