- If you are on an ERISA plan's Investment Committee, you are an ERISA fiduciary
- Once you are an ERISA fiduciary, you have a personal liability
- On the Investment Committee, you are responsible not only for your own decisions, but the decisions of others
You can read Nevin's article here: http://www.plansponsor.com/IMHO__Liability_Driven.aspx
There are several court cases out there right now that rely on this theory. Unfortunately, I am temporarily precluded from writing about the most interesting of the bunch of them.