News & Analysis as of

Fees › Fiduciary Duty › 403(b) Plans

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Fee Savings from CITs in 403(b)s Could Cover 6 Months of Retirement—If Fiduciaries Pay Attention

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

Vanguard’s latest report makes a blunt point: allowing collective investment trusts (CITs) in 403(b) plans could save the median plan participant about 0.08% to 0.09% annually compared to mutual fund fees—translating into...more

Proskauer - Employee Benefits & Executive...

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

Proskauer - Employee Benefits & Executive... on

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...

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

Proskauer - Employee Benefits & Executive... on

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

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

Pietragallo Gordon Alfano Bosick & Raspanti,... on

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 & Schulte

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

McDermott Will & Schulte 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

McDermott Will & Schulte

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

McDermott Will & Schulte on

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

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