True or False: A qualified fiduciary who fails to comply with ERISA's requirements is not personally liable for any losses incurred by the plan.

A qualified fiduciary who fails to comply with the Employee Retirement Income Security Act (ERISA) requirements can indeed be held personally liable for any losses incurred by the plan. In ERISA, fiduciaries are entrusted with the responsibility of managing plan assets and must act in the best interest of the participants and beneficiaries. If a fiduciary does not meet these obligations—through actions deemed negligent or otherwise violating ERISA rules—they can face personal liability for any resulting losses to the plan.

This accountability protects the interests of plan participants and reinforces the importance of fiduciaries adhering to legal standards. It is crucial for fiduciaries to understand their responsibilities, as non-compliance can lead to both financial penalties and legal repercussions.

The other options, such as true or conditional responses about the nature of the violation or the intent behind it, do not accurately reflect the strict liability standard that ERISA places on fiduciaries. These elements may factor into the severity of penalties or enforcement actions, but they do not absolve a fiduciary of their responsibility for plan losses due to non-compliance.