Adequate Consideration

As applies to employee benefit plans ( :

  • In the case of a security for which there is a generally recognized market:

    • the price of the security prevailing on a national stock exchange, if the security is traded on a national stock exchange; or

    • a price that is no less favorable to the plan than the offering price for the security determined by the current bid and asked prices quoted by independent persons, if the security is not traded on a national stock exchange.

  • In the case of all other assets, the fair market value ( of the asset determined in good faith by the plan trustee or a named fiduciary in accordance with the plan and the Employee Retirement Income Security Act of 1974 ( (ERISA).

(ERISA § 3(18).)

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