ERISA Section 404(c) may exempt defined contribution plan

ERISA Section 404(c) may exempt defined contribution plan fiduciaries from liability resulting from losses due to employee directed investments if they meet all of the following requirements EXCEPT:

1. Participants are given the opportunity to exercise control over assets in their personal accounts.
2. Participants are given reasonable opportunities to give investment instruction.
3. The plan offers at least three diversified categories of investment that have materially different risk and return characteristics.
4. The fiduciary has selected an investment advisor and has delegated all fiduciary responsibility to that advisor.
5. Company stock, if offered as an investment option, cannot be used to meet the diversification requirements of ERISA Section 404(c)