Generally, when you set up a pension plan, the people who manage the pension assets (including you, if applicable) are fiduciaries and are subject to a standard of conduct appropriate to fiduciaries. This means that they may be held legally responsible to plan participants for losses to the plan.
The Department of Labor, however, has taken the position that a plan that covers only self-employed persons, and does not cover any common-law employees, is not subject to the fiduciary standards.
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