Retirement Plan Benefit Plan Sponsors Fiduciary Duty

News & Analysis as of

The Top 7 Concerns for Employee Benefits Administrators

For years, employers have been getting a free pass from the courts for a number of different violations of the Employee Retirement Income Security Act of 1974 ("ERISA") relating to the operation of retirement, medical,...more

Employee Benefits Developments - June 2015

Supreme Court: Plan Fiduciaries Have a Continuing Duty to Monitor Plan Investments. In 2007, participants and beneficiaries under a 401(k) plan sued the plan fiduciaries and the plan sponsor to recover damages for alleged...more

United State Supreme Court Confirms ERISA Fiduciary’s Continuing Duty To Monitor Investments

In its Tibble v. Edison International decision the United State Supreme Court confirmed that the scope of an ERISA fiduciary’s duty of prudence continues after initial investments are made and imposes an ongoing duty to...more

Advisors Advantage - July 2015

In This Issue: - How Retirement Plan Advisors Can Benefit From Any New DOL Fiduciary Rule - Avoid Other Providers Who Are The Sticks in the Wheels of Progress - Sometimes It's Just Words - Never...more

How Retirement Plan Advisors Can Benefit From Any New DOL Fiduciary Rule

One of my favorite companies is Netflix. The first time I came into contact with them, it was through an offer that was in the box of the first DVD player I bought in 2000. Instead of rentals through Blockbuster or Hollywood...more

Sometimes it’s just words

So much of any industry is dedicated to marketing, because marketing can help a company sell a product or service just based on how it’s marketed. Whoever sold the pet rock is still probably laughing all the way to the...more

Yes Virginia, There is a Duty to Monitor Retirement Plan Investments

In a recent unanimous ruling the U.S. Supreme Court confirmed what most retirement plan professionals already knew: ERISA requires plan investment fiduciaries to monitor investments and remove imprudent ones. Surprisingly to...more

Concerns Mount over Department of Labor’s Proposed Fiduciary Rule

The Department of Labor (“DOL”) released a controversial proposed rule on April 20, 2015, that seeks to expand fiduciary duties in the context of retirement-investment advice. Specifically, the proposed rule would rework a...more

Tibble v. Edison International Decision Finds Ongoing Duty to Monitor Investments in 401(k) Plans

The Supreme Court holds that ERISA’s limitations period does not bar an alleged breach for failure to monitor a plan’s investments. Background - On May 18, the Supreme Court issued a unanimous decision in Tibble v....more

Supreme Court Rules on Plan Fiduciaries Duty to Monitor Plan Investments

In a unanimous decision, the U.S. Supreme Court held on Monday, May 18, 2015, that a plan trustee has a continuing duty to adequately monitor plan investments and remove imprudent ones. Tibble v. Edison, Int’l, 2015 BL...more

Supreme Court Ruling Heightens Pressure on Fiduciaries to Monitor 401(k) Plan Investments

On May 18th, the U.S. Supreme Court unanimously held in Tibble et al. v. Edison International et al., No. 13-550 (S. Ct. May 18, 2015) that ordinary principles of trust law impose on ERISA fiduciaries a duty to continually...more

It Takes Only One Retirement Plan Participant To Sink An Employer

There are a couple of songs that says it takes two, but that’s for love. When it comes to causing grief and heartache for retirement plan sponsor, it only takes one. The one is a plan participant who is adamant of making a...more

401(k) Fee Litigation to Increase Following Tibble Decision

As a result of the U.S. Supreme Court’s decision in Tibble v. Edison Int'l, it will now be easier for participants in 401(k) and other participant-directed plans to bring lawsuits challenging investment options added to the...more

Locke Lord QuickStudy: The Supreme Court Opines In Tibble v. Edison That The Duty to Monitor Investments Is Ongoing

In a highly anticipated decision, the United States Supreme Court recently held that a 401(k) fiduciary breach lawsuit may proceed even when the claim is based on an imprudent selection of investment funds that occurred more...more

Continuing Duty To Monitor? Yes. Scope of That Duty? Wait And See…

In a case we have blogged about before, the Supreme Court in Tibble v. Edison International unanimously has concluded that an ERISA fiduciary has a continuing duty to monitor investments made in an ERISA governed savings...more

Supreme Court Vacates Ruling on Time-Barred ERISA Claims

In Tibble v. Edison Int’l1, the U.S. Supreme Court today vacated a Ninth Circuit ruling that Edison plan beneficiaries' ERISA (Employee Retirement Income Security Act) fiduciary claims against the company based on allegedly...more

Supreme Court: ERISA Imposes Continuing Fiduciary Duty to Monitor Plan Investment Options

Section 409 of ERISA imposes personal liability on a plan fiduciary to make good to the plan any losses resulting from the fiduciary’s breach of any duties imposed by Title I of that statute. Section 413 provides generally...more

Supreme Court Decides Tibble v. Edison International

On May 18, 2015, the United States Supreme Court decided Tibble v. Edison International, No. 13-550, holding that under the Employment Retirement Income Securities Act (ERISA), a plaintiff may timely commence a claim for...more

SCOTUS: Timeliness of Fiduciary Breach Claim May Depend on Alleged Failure to Monitor Selection of Investment Options

On May 18, 2015, the U.S. Supreme Court unanimously concluded that the timeliness of an Employee Retirement Income Security Act (ERISA) breach of fiduciary claim regarding the selection of investments in a 401(k) plan is not...more

Set it and Forget it? Not so Fast, Says the Supreme Court in Tibble

On May 18, 2015, the Supreme Court of the United States rendered a much anticipated (by ERISA attorneys, at least) decision in Tibble v. Edison International, clarifying a relatively narrow but still significant issue...more

ERISA Fiduciaries Must Continuously Monitor 401(k) Investment Choices

The U.S. Supreme Court has held unanimously that a plan fiduciary has a continuing duty to monitor investments offered under a 401(k) plan, a duty that is separate and apart from the duty to exercise prudence in selecting...more

DOL Comment Period Extended

In an announcement that did not surprise me, The Department of Labor (DOL) has announced a brief extension of the comment period on its proposed fiduciary rule and set a date for a public hearing....more

U.S. Supreme Court Sends ERISA Investment Fee Case Back For Further Review

Today, the U.S. Supreme Court ruled that an ERISA plan participant may allege that a plan fiduciary breached the duty of prudence by not properly monitoring the plan’s investment options as long as the alleged breach of the...more

Advisors Advantage - May 2015

In This Issue: - For Retirement Plan Providers, It's All About Making A Connection - DOL Proposes New Fiduciary Rule - My support for a Fiduciary Rule - Stick to what you know - Complacency is a plan provider...more

Fighting the Fiduciary Rule Before It’s Been Even Proposed

Not long after President Obama expressed the desire that the Department of Labor (DOL) implement a fiduciary rule for brokers who work on retirement plans; did one of Wall Street’s paid minions strike back....more

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