News & Analysis as of

Retirement Plan Fees Investment Management

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Managed Accounts have room to grow

Sponsors of 401(k) plans are increasingly recognizing the need to provide personalized investment options for their participants; however, access to managed accounts still remains limited....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Picking the cheapest provider can be a breach of fiduciary

When it comes to health and fitness, you constantly hear studies about what foods fight or cause cancer. Of course, those studies are then debunked. I remember how oat bran was cited to cut down on cholesterol and how...more

Groom Law Group, Chartered

New DOL Advisory Opinion Guidance Outlines Approach for Diverse Plan Investment Manager Hiring Program

In a September 29, 2023 Advisory Opinion issued to Citigroup Inc. (“Citi”), the Department of Labor (“DOL”) addressed several key ERISA implications arising in connection with a Citi Racial Equity Program (the “Program”). ...more

Littler

Michigan Court Dismisses ERISA Class-Action

Littler on

Fiduciaries of 401(k) and other retirement plans continue to be targeted by class action lawsuits brought under the Employee Retirement Income Security Act (ERISA) challenging fiduciary decisions regarding investment options...more

Faegre Drinker Biddle & Reath LLP

Managing IRAs: Charging Different Fees for Different Investments

Registered investment advisers, including dual registrant broker-dealers (collectively “advisers”) who provide discretionary investment management services to individual retirement accounts (IRAs), are fiduciaries under the...more

Proskauer - Employee Benefits & Executive...

Ninth Circuit Revives Fee Challenge to Salesforce.com 401(k) Plan

On Friday, the Ninth Circuit became the first circuit court to rule in a 401(k) plan fee and investment litigation following the Supreme Court’s January 2022 decision in Hughes v. Northwestern University, 142 S. Ct. 737...more

Jackson Lewis P.C.

Is Crypto Too Cryptic for Your 401(k) Plan?

Jackson Lewis P.C. on

It started sometime last year and, in hindsight, was inevitable. Clients with 401(k) plans and a crypto-savvy employee population began asking whether they could offer cryptocurrency as a plan investment option. In the...more

Jackson Lewis P.C.

Supreme Court Struggles to Apply “Twiqbal” in Retirement Plan Fee Cases

Jackson Lewis P.C. on

Monday, the Supreme Court heard oral arguments in Hughes v. Northwestern University, No. 19-1401, just one of about 150 similar class action suits filed around the country in the last few years. The case was brought by...more

Proskauer - Employee Benefits & Executive...

District Court Partially Dismisses ERISA 401(k) Fee and Performance Claims for Lack of Standing

A federal district court in New York recently granted Omnicom Group Inc.’s (“Omnicom’s”) motion to dismiss, for lack of Article III standing, claims challenging the offering of investment options in Omnicom’s 401(k) plan 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

Best Best & Krieger LLP

Understanding the Fees Paid by Your Governmental Retirement Plan

There are several fundamental principles and concepts that governmental plan sponsors and fiduciaries need to bear in mind as they select and monitor their plan providers and the fees that these providers charge....more

Ogletree, Deakins, Nash, Smoak & Stewart,...

A Back-to-School Progress Report

This is an update to our article, Back to School for ERISA Fiduciary Claims: How to Prepare for This Trend in University Litigation, which was published on August 22, 2017. As we discussed previously, over the past couple...more

McDermott Will & Schulte

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

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

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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