Retirement Plan Fiduciary Duty Employee Retirement Income Security Act

News & Analysis as of

Unanimous Supreme Court Decision Paves Way for 401(k) Plan Lawsuits

On May 18, 2015, the U.S. Supreme Court rendered a unanimous decision that may pave the way for more lawsuits against ERISA plans alleging a breach of fiduciary duty regarding plan fees and choice of investment alternatives....more

Are Top Hat Plans Entitled to a Discretionary Standard of Review?

Many years ago the Supreme Court decided that qualified retirement plans that gave their fiduciaries discretion to determine plan benefits were entitled to have their decisions, reviewed by a court under a generous “abuse of...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

Some Limited Trouble with Tibble? Part II –Supreme Court Decides Excessive-Fee Case Involving 401(k) Plan

Earlier this week, the U.S. Supreme Court unanimously decided the case of Tibble v. Edison International. In Tibble, the Court held that the statute of limitations under the Employee Retirement Income Security Act of 1974...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

Supreme Court: 401(k) Plan Fiduciaries Have An Ongoing Duty To Monitor

In April 2013 I reported on the 9th Circuit Court of Appeals decision in Tibble v. Edison International which involved an alleged breach of fiduciary duty by the Edison 401(k) Savings Plan committee selecting six retail...more

"Supreme Court Recognizes ERISA Fiduciary Duty to Monitor Plan Investments"

On May 18, 2015, a unanimous U.S. Supreme Court held in Tibble v. Edison International1 that fiduciaries who select investment options for 401(k) plans have a continuing duty under the Employee Retirement Income Security Act...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

DOL Re-Proposes Fiduciary Rule

On April 14, 2015, the U.S. Department of Labor (DOL) re-proposed its rule expanding the definition of fiduciary. A re-proposed fiduciary definition was initially released in October of 2010, but the Department of Labor...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

U.S. Department of Labor Re-Proposes Rules Governing the Definition of “Fiduciary”—Part 2: The “Best Interest Contract” Exemption

In Part 1 of this series, we reported on recently proposed regulations issued by the U.S. Department of Labor amending the definition of the term “fiduciary” under the Employee Retirement Income Security Act (“ERISA”) and the...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

The DOL Seeks an Ideal Balance in a Brave New World of “Investment Advice” Under ERISA

The U.S. Department of Labor (the “DOL”) on April 14, 2015 issued the long-awaited re-proposal (the “2015 Proposed Regulations”) of the regulations defining “investment advice” in connection with the “fiduciary” rules under...more

The Rosenbaum Law Firm Review - February 2015

In This Issue: - Small Steps That Plan Sponsors Can Take To Limit Their Fiduciary Liability - "Plain" Advice to Retirement Plan Sponsors - Pick Plan Providers Just Because They Are Cheap Is A Bad...more

The Directed Trustee in the Post-Dudenhoeffer World

Overview - Court cases challenging the actions of Employee Retirement Income Security Act fiduciaries have continued unabated since the scandal of Enron in 2002. Since then, a large number of cases are in the ‘‘stock...more

Insurer Agrees to $140 Million Settlement in ERISA Case Challenging Revenue Sharing Practices

Nationwide Life Insurance Co. has agreed to settle ERISA fiduciary breach claims brought on behalf of a class of retirement plan trustees that purchased annuity contracts and/or services from Nationwide for their plans....more

Considerations for Employee Benefit Programs That Benefit Employers and Employees

Employers must compete in the marketplace for talented employees at every level—both in recruitment and retention. It is thus in employers’ best interests to provide employee benefit plans that are attractive to employees and...more

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