![]() You have come across a little-used term that might have some meaning in the context of your plan, presuming your plan is intended to comply with ERISA 404(c). Thus, reading and understanding the plan document, though not always the most exciting exercise, is an integral part of being a fiduciary. One of the basic fiduciary responsibilities under the Employee Retirement Income Security Act (ERISA) is to follow the plan document. Webb, senior financial adviser at CAPTRUST, answer:įirst, the Experts commend you taking the time to read your plan document. Can the Experts tell me what a look-through investment vehicle is, whether any/all of our plan investments (we utilize annuities and mutual funds) are look-through investment vehicles, and any actions we should be taking in this regard?”Ĭharles Filips, Kimberly Boberg, David Levine and David Powell, with Groom Law Group, and Michael A. As soon as we have such a mental image, it is easy to put ourselves in the other person's place and to predict how they will behave.“ I was reading the plan document for our 403(b) ERISA plan and came across the term “look-through investment vehicle” in the context of offering a broad range of investment alternatives under ERISA 404(c). "Our study provides new insights that people can do this because they very quickly and spontaneously form a mental image of how the world looks to another person. It helps us to empathize with them, or to work out what they are thinking. It is important for many everyday activities in which we need interact with other people. It helps us understand how the world looks from another's point of view. How did you make this split-second decision? Our study suggests you automatically put yourself in the bus driver's shoes and saw the scene through their eyes."ĭr Patric Bach, who is the head of the Action Prediction Lab where the research was carried out, added: "Perspective taking is an important part of social cognition. Suddenly you realize the driver hasn't seen the pedestrian and could hit them, so you beep your horn. This makes sense as a lamp can't 'see' so participants would not construct an image of how the world looks to an inanimate object.Įleanor continued: "Imagine you're in a car and you see a pedestrian crossing the road, and a bus is travelling at speed towards the crossing. Importantly, the study did not find the same speeding up of judgments when an inanimate object (a lamp) was introduced instead of a person, even though the lamp was roughly the same size and was oriented towards the letter in the same way as the person's. You can try out the task in this short demo video here: They still used the extra set of eyes, which suggests it is a process that occurs spontaneously." "People did this even though we did not give them instructions about the extra person introduced and they viewed them completely passively. ![]() People do not need to mentally rotate an object if they already 'see' the object in the usual upright orientation from the eyes of another. Lead author Eleanor Ward, PhD student in the University of Plymouth School of Psychology explained: "This study shows that what we see can be overridden by what another person sees if it helps us to make a judgement. In contrast, if the letter appears upside down for the other person, even relatively easy judgements become harder for the participants. The study shows that even when items are oriented away from participants, their decision times are surprisingly fast if the item appears upright to the other person and is therefore easily identifiable from their perspective. The reason for this is that people first have to mentally rotate the object back to its upright orientation before being able to judge its form, and this rotation takes longer the more the letter is oriented away.īut the new study reveals that people can bypass this mental rotation when another person is introduced. Usually, the more a letter is rotated away from the person judging it, the longer it takes to decide its form. The study, led by Eleanor Ward, Dr Giorgio Ganis and Dr Patric Bach at the University of Plymouth, focused on a mental rotation task commonly used in psychology, where participants are asked whether a rotated letter on computer screen is presented in its standard form (e.g. New research published on 21 February in Current Biology has provided the first direct evidence that we can do this because we spontaneously form mental images of how the world looks to the other person, so that we can virtually see through their eyes and make judgements as if it was what we were seeing. ![]()
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