The defendants were accused of failing to monitor the average expense ratios charged to similarly sized plans for investment management fees and recordkeeping.
Among the latest major employers to be sued under ERISA for alleged underperformance of default investment options are Marsh & McLennan and Advance Publications.
One fiduciary insurance executive says a spate of new ERISA lawsuits ‘demonstrates that no fiduciary is safe, since one can apparently be sued just because they trailed the...
A new complaint against Booz Allen Hamilton alleges that ‘a simple weighing of the merits and features of all other available TDFs’ would have raised significant concerns for...
The Department of Labor’s proposal will affect a prohibited transaction exemption that permits certain parties related to retirement plans to engage in transactions involving plan and individual retirement...
The complaint alleges that an imprudent fiduciary process resulted in the selection and maintenance of several funds in the plan that ‘wasted assets because of unnecessary costs.’
According to an SEC announcement, Equitable gave investors the false impression that their quarterly account statements listed all fees paid during the period.
The defendants contest their process ensures that any fees paid by participants are reasonable and all services and investment offerings are in the best interests of the participants.
Solvency issues tend to be much less of a concern for people already living in retirement than they are for people who are on the cusp of retirement...