A fiduciary may have no responsibility as to any assets of the plan with respect to which the fiduciary does not have discretionary authority, control, or responsibility; does not exercise any authority or control; does not render investment advice for a fee or other compensation; and does not have any authority or responsibility to render such investment advice.

The personal liability of a fiduciary who is not a named fiduciary is generally limited to the fiduciary functions that the fiduciary performs with respect to the plan.