News & Analysis as of

Fiduciary Duty Retirement Plan 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

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

Polsinelli

Supreme Court Revives ERISA Litigation Dismissed in Second Circuit: Will the Supreme Court’s Adoption of a Liberal Pleading...

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On Thursday, April 17, a unanimous Supreme Court held that a less demanding pleading standard is applicable when plaintiffs bring an Employee Retirement Income Security Act of 1974 (ERISA) class action under ERISA Section...more

Venable LLP

Supreme Court Endorses Plaintiff-Friendly Prohibited Transaction Pleading Standard

Venable LLP on

On April 17, 2025, the Supreme Court resolved a circuit split on the appropriate pleading standard for a specific type of prohibited transaction claim under ERISA. While that decision may sound dry and technical, the...more

Carlton Fields

The Case of Excessive Fees: Supreme Court to Investigate Pleading Standard in ERISA Excessive Fee Litigation

Carlton Fields on

ERISA class action litigation against retirement plan fiduciaries remains a prominent feature of the legal landscape this year. These lawsuits typically involve allegations that plan fiduciaries acted imprudently in...more

DLA Piper

Qualified Retirement Plans Agenda

DLA Piper on

Our qualified retirement plans agenda outlines current legislative, litigation, and other developments concerning tax-qualified retirement plans. Sponsors are encouraged to be aware of these issues and assess whether any...more

Groom Law Group, Chartered

Is Your DC Plan Retirement Ready?

Participating in DC plans such as 401(k), 457, and 403(b) plans is the primary way most people save for retirement, and there is considerable sponsor and participant interest in making DC plans more effective at their primary...more

Proskauer - Employee Benefits & Executive...

Dismissal Streak Continues in BlackRock Target Date Fund Litigation

A third district court has dismissed with prejudice a complaint alleging that defendants breached their fiduciary duties under ERISA by offering 401(k) plan participants the option to invest in BlackRock LifePath Index Target...more

Kilpatrick

DOL's Interpretation of Fiduciary Rollover Advice Narrowed by District Court

Kilpatrick on

This week, a federal district court in the Middle District of Florida invalidated the Department of Labor’s ("DOL") policy as to when advice provided by a financial institution or financial professional on a rollover from an...more

Proskauer - Employee Benefits & Executive...

Defendants Secure Motion to Dismiss Victories in Three Post-Hughes Decisions

In April, we wrote here about the discouraging trend of opinions allowing commonly asserted breach of fiduciary duty claims in 401(k) and 403(b) plan investment litigation to survive motions to dismiss. While it may be too...more

Proskauer Rose LLP

2 ERISA Rulings Highlight Need for Different Defense Tactics

Proskauer Rose LLP on

Albert Einstein is famously credited with saying, "Insanity is doing the same thing over and over and expecting different results." This adage comes to mind as defense counsel continue to resort to the same strategies for...more

Proskauer - Employee Benefits & Executive...

District Court Enforces 403(b) Plan Arbitration Clause with Class Action Waiver But Allows for Plan-wide Non-monetary Relief

A federal district court in Florida sent a proposed ERISA breach of fiduciary duty class action to individual arbitration on the basis of a plan arbitration clause that allowed for individual relief and plan-wide injunctive...more

Groom Law Group, Chartered

The Supreme Court’s Northwestern Decision – A Win for Plaintiffs but a Possible Turn In the Tide?

On January 24, 2022, in a unanimous decision, the Supreme Court in Hughes v. Northwestern reinstated the long-running case against Northwestern University by sending the case back to the lower courts for further review. ...more

Ballard Spahr LLP

U.S. Supreme Court Weighs in on ERISA Breach of Fiduciary Duty Claim in Hughes v. Northwestern University

Ballard Spahr LLP on

Summary - The U.S. Supreme Court this week unanimously decided an ERISA fiduciary duty case, Hughes v. Northwestern University, which will impact dozens of similar cases currently pending against fiduciaries of section...more

Proskauer - Employee Benefits & Executive...

The Supreme Court Declines to Establish Pleading Standard for Defined Contribution Plan Excessive Fee Litigation

To the disappointment of many in the ERISA community, the Supreme Court issued a six-page opinion on January 24th that declined to opine on most of the issues that were before the Court in Hughes v. Northwestern University,...more

Littler

Supreme Court Sends Case Involving ERISA Breach of Fiduciary Duty Pleading Standard Back to Seventh Circuit for Revised Analysis

Littler on

On Monday, January 24, 2022, the U.S. Supreme Court issued an opinion in a case of critical interest to employers offering 401(k) or other defined-contribution retirement plans.  In Hughes v. Northwestern University, Case No....more

Fisher Phillips

Supreme Court Revives ERISA Suit and Highlights the Necessity to Monitor Plan Investment Options: A 5-Step Compliance Roadmap

Fisher Phillips on

In a unanimous decision that should serve as a wakeup call to those administrating employee retirement plans, the Supreme Court just reaffirmed and highlighted the ongoing duty of ERISA plan fiduciaries to monitor investment...more

Kilpatrick

Supreme Court Affirms Fiduciaries’ Responsibility for Each Investment Option

Kilpatrick on

The Supreme Court today issued a succinct, unanimous opinion in Hughes v. Northwestern University. The Court affirmed that fiduciaries of retirement plans (including university 403(b) plans like Northwestern’s as well as the...more

Proskauer - Employee Benefits & Executive...

DOL Statement on Private Equity Investment Emphasizes Fiduciary Responsibility

On December 21, 2021, the Department of Labor (the “DOL”) published a Supplemental Statement (the “Supplemental Statement”) to its June 3, 2020 Information Letter (the “2020 Letter”) addressing fiduciary considerations for...more

Goodwin

Supreme Court Hears Case On Pleading Standard In Suits Alleging Breach of Fiduciary Duty Relating to Retirement-Plan Fees and...

Goodwin on

On December 6, 2021, the U.S. Supreme Court heard argument in Hughes v. Northwestern University, a case debating the allegations necessary to state a plausible claim for breach of ERISA’s fiduciary duties in cases challenging...more

Goodwin

ERISA Litigation Update - October 2021

Goodwin on

Welcome to Goodwin’s ERISA Litigation Update. Litigation involving ERISA-governed benefits plans has exploded in recent years. Lawyers in our award-winning ERISA Litigation practice have extensive experience litigating these...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Get an ERISA attorney to bless any merger or asset sale

If your company is buying the stock or the assets of another company, get an ERISA attorney to review if there is a retirement plan of your target involved. Too many corporate attorneys forget to call in an ERISA expert and...more

Verrill

Supreme Court will Hear Northwestern University 403(b) Plan Excessive Fee Case

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The United States Supreme Court will weigh in on the spate of recent lawsuits filed against colleges and universities related to the schools’ retirement plans. The Court has granted a request for review from participants in...more

Pietragallo Gordon Alfano Bosick & Raspanti,...

Preventative Medicine For Your 401(K) And 403(B) Plan

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

Proskauer - Employee Benefits & Executive...

DOL Issues Final “ESG” Rule Restricting ERISA Fiduciary Consideration of Non-Pecuniary Investment Factors

On October 30, 2020, the U.S. Department of Labor (the “DOL”) issued a final rule on factors for selecting plan investments, which restricts “do-good” or “ESG” investing.  In response to public comments, the final rule rolls...more

Carlton Fields

Alternative Retirement Plan Investments: A Retirement Plan Committee Checklist

Carlton Fields on

Participants do not always prefer the investment choices retirement plans offer. Whether participants want additional ways to diversify their portfolios or have other reasons, participants are asking retirement plan sponsors...more

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