ERISA Established Fiduciary Standards for Pension Fund Trustees, Managers, and Advisors

question 29

True/False

ERISA established fiduciary standards for pension fund trustees, managers, and advisors. Specifically, all parties responsible for the management of a pension fund are guided by the judgment of what is called a "wild man" in seeking to determine which investments are proper.

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Definitions:

Deadweight Loss

The loss of economic efficiency that occurs when the equilibrium for a good or service is not achieved.

Market Intervention

Actions taken by a government or other authority to affect the market, often to correct market failures or achieve certain policy objectives.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, intended to protect consumers from high prices.

Price Floor

A government- or authority-imposed minimum price that can be charged for a good or service, often above the equilibrium price.