Washington University reached a settlement agreement in the lawsuit filed against them in a federal court in Missouri for $7.5 million

One part of the settlement agreement will require that defendants provide annual fiduciary training for all members of the Washington University Retirement Plan Advisory Committee.

The agreement also requires the committee to evaluate the plan’s investment policy statement (IPS) at least annually, with input from the plan’s financial advisor, and implement any updates to the IPS that the defendants deem appropriate.

Also, there must be a request for a proposal for plan recordkeeping services before the conclusion of the settlement period.

The lawsuit had alleged multiple violations of ERISA over the school’s selection and monitoring of its 403(b) plan investments.