What are the fiduciary duties outlined in ERISA Section 404(a)(1)?

The fiduciary duties outlined in ERISA Section 404(a)(1) focus on acting in the best interest of plan participants and beneficiaries. This includes a duty to provide benefits while managing plan costs effectively, ensuring that participants receive the benefits they are entitled to without incurring unnecessary expenses. This duty is a core principle of ERISA, emphasizing that fiduciaries must act prudently and solely in the interests of plan participants, balancing benefit provision with the efficient use of resources.

The other options do not align with the intent of ERISA's fiduciary responsibilities. For example, simply maximizing investment returns for the employer is not consistent with the obligation to prioritize participants' interests. Similarly, providing benefits without considering expenses neglects the duty to manage costs effectively. Lastly, acting solely for the benefit of the employer overlooks the paramount consideration of the well-being of plan participants. Thus, the essence of ERISA's fiduciary duties centers on creating a fair balance between benefits provision and prudent cost management, which is accurately captured in the correct answer.