News & Analysis as of

Fees 403(b) Plans

Proskauer - Employee Benefits & Executive...

Massachusetts District Court Permits 403(b) Plan Fiduciary Breach Claims to Proceed

A federal district court in Massachusetts recently denied a motion to dismiss a complaint filed by plan participants in the Cape Cod Healthcare, Inc. 403(b) plan, which alleged that the plan’s fiduciaries breached their ERISA...more

Proskauer - Employee Benefits & Executive...

Wisconsin District Court Rulings Signal Potential New Trend Favoring the Defense of ERISA Fee and Investment Performance Lawsuits

In a striking reversal of approach beginning in the summer of 2022, the District Court for the Eastern District of Wisconsin went from denying, in whole or in part, virtually every motion to dismiss ERISA lawsuits targeting...more

Proskauer - Employee Benefits & Executive...

ERISA Fee Complaint Dismissed in Pennsylvania District Court, Extending Favorable Trend

In Krutchen v. Ricoh USA, No. 22-cv-678, 2022 U.S. Dist. LEXIS 206792 (E.D. Pa. Nov. 15, 2022), a Pennsylvania district court dismissed an ERISA excessive fee complaint for failing to provide enough information about alleged...more

Proskauer - Employee Benefits & Executive...

Eighth Circuit Joins Growing Number of Courts Rejecting Common ERISA Fee and Investment Claims

In Matousek v. MidAmerican Energy Co., 2022 WL 6880771, __ F.4th __ (8th Cir. 2022), the Eighth Circuit joined the Sixth and Seventh Circuits in affirming dismissal of ERISA breach of fiduciary duty claims alleging that the...more

Proskauer - Employee Benefits & Executive...

Two More District Courts Reject ERISA Fee and Performance Claims as Insufficient

Two recent district court decisions add to the growing number of courts granting motions to dismiss putative ERISA class actions challenging defined contribution plan fees and investment performance. These decisions from the...more

Bradley Arant Boult Cummings LLP

What Does the Supreme Court’s Newest Fee Decision Mean for Retirement Plans?

On January 24, the U.S. Supreme Court issued a short unanimous opinion in Hughes v. Northwestern University. The importance of the opinion will likely be modest. At a basic level, all the Supreme Court did was reinstate a...more

Clark Hill PLC

Supreme Court Declines to Close Floodgates on 401(k) and 403(b) Fee Litigation

Clark Hill PLC on

The past 15 years have witnessed a steady stream of lawsuits alleging that employers’ 401(k) or 403(b) plans forced participants into underperforming or overpriced investment options, or that plan participants’ accounts were...more

Pietragallo Gordon Alfano Bosick & Raspanti,...

Preventative Medicine For Your 401(K) And 403(B) Plan

Multiple new lawsuits have been filed since the start of 2020.  Complications caused by the Coronavirus have not slowed the onslaught of 401(k) fee litigation across the country. Last month, Teva Pharmaceuticals USA Inc. was...more

McDermott Will & Emery

Georgetown University Defeats Retirement Plan Fee Litigation and “If a Cat Were a Dog, It Would Bark”

McDermott Will & Emery on

Recently, the US District Court for the District of Columbia dismissed a proposed class action lawsuit brought by former Georgetown employees under the Employee Retirement Income Security Act of 1974 (ERISA) over fees and...more

Franczek P.C.

SEC Guidance Signals Approval for “Unbundled” Pricing for Mutual Funds

Franczek P.C. on

A recent ruling by the Securities and Exchange Commission (SEC) indicates approval for mutual funds to be sold without servicing costs already built into the cost of the fund. In other words, the SEC ruling states that...more

McDermott Will & Emery

Top US Universities Hit with Retirement Plan Lawsuits: Lessons for Plan Sponsors

The recent wave of 403(b) lawsuits against more than a dozen prominent US universities could herald similar suits for other 403(b) plan sponsors. Plan sponsors can minimize their risk by reviewing their plan governance...more

Franczek P.C.

Multiple Universities Sued Over 403(b) Retirement Plan Investment Fees

Franczek P.C. on

In the last several days, a number of large private universities have been sued regarding the investment fees in their 403(b) retirement plans. The lawsuits claim that these universities breached their fiduciary duties under...more

Ballard Spahr LLP

ERISA Class Actions Filed Against Higher Education Institutions

Ballard Spahr LLP on

Several ERISA breach of fiduciary duty class actions involving allegedly excessive retirement plan fees were filed this week against higher education institutions including colleges, universities, and medical schools. The...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Important New Fee Disclosure Guidance

On July 22, 2013, the U.S. Department of Labor (DOL) released Field Assistance Bulletin (FAB) 2013-02, which provides plan administrators of individual account plans with participant-directed investments (such as 401(k) and...more

Pillsbury Winthrop Shaw Pittman LLP

Retirement Plans Get One Chance to Change Annual Participant Fee Disclosure Deadline

On July 22, 2013, the Department of Labor (DOL) announced a one-time opportunity for administrators of participant-directed individual account plans such as 401(k) and ERISA-covered 403(b) plans to “re-set” their annual...more

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