Anyone know of any standards, or have any opinions, on naming in-house counsel as a named fiduciary of their company's 401k plan? Pros and cons?

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ERISA fiduciary duties are "the highest known to the law" (Donovan v. Bierwirth). And we're talking personal liability here. 29 USC 1109(a).

I wouldn't do it.

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Also, it’s not recommended for attorneys to become fiduciaries of ERISA plans, as there is no attorney/client privilege for fiduciaries.

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