There is this scene in Donnie Brasco when the crew has to make their take for the week and they try to hammer a New York City parking meter for the coins. This reminds me of certain ERISA litigators looking for more plan sponsor lawsuits.
Thanks to fee disclosure and Federal courts not interpreting high costs as a de facto breach, ERISA litigators need new avenues for litigation. The Black Rock Target Date Fund cases were a bust, as are most of these plan forfeiture cases. Perhaps there will be a case about notices to former participants or moving missing participants into IRA accounts.
Whatever it is, we must remain vigilant in keeping plan sponsors like you, out of potential harm’s way.
