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Here’s the basic idea. If you’re a fiduciary, there’s one simple rule. Follow this rule and you’ll never go wrong. Stray from this rule into gray areas, and things can get a bit complex. If you outright shun this rule, then regulators will soon come pounding on your door and having a good attorney in your rolodex may be called for. Here’s the rule: Always act solely in the best interests of the plan beneficiaries.

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