- 18 -
extent they are consistent with the provisions of ERISA title I.
See id. The legislative history of ERISA section 404(a),
however, cautions: "It is expected that courts will interpret
the prudent man rule and other fiduciary standards bearing in
mind the special nature and purposes of employee benefit plans
intended to be effectuated by the Act." H. Rept. 93-533, at 12
(1973), 1974-3 C.B. 210, 221.13 Thus, we must "recognize that a
fiduciary's duties are circumscribed by Congress' overriding goal
of ensuring 'the soundness and stability of plans with respect to
adequate funds to pay promised benefits.'" Acosta v. Pacific
Enters., 950 F.2d 611, 618 (9th Cir. 1991) (quoting 29 U.S.C.
sec. 1001 (1988)).
The Department of Labor regulations state that a fiduciary
will satisfy the prudent investor requirements of ERISA section
404(a)(1)(B) if the fiduciary (i) gives appropriate consideration
to the relevant facts and circumstances of the investment or
investment course of action and (ii) acts accordingly. See 29
C.F.R. sec. 2550.404a-1(b)(1) (1997). Pursuant to those
regulations, "appropriate consideration" shall include, but is
not necessarily limited to:
13The quoted material from H. Rept. 93-533, at 12 (1973),
1974-3 C.B. 210, 221, describes H.R. 2, 93d Cong., 2d Sess. sec.
111(b)(1) (1974), as reported by the House Committee on Education
and Labor, on Oct. 2, 1973, which became ERISA sec. 404(a)(1).
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