Hello PLANSPONSOR readers! Retirement plan excessive fee litigation shows no end in sight; two more excessive fee suits were filed against universities this week. However, a new application aims to help plan sponsors negotiate better fees, and two reports show mutual fund expenses are trending downward. Enjoy this edition of PLANSPONSOR Weekend, and have a very happy long weekend!
The plan sponsor is accused of failing to leverage its size and sophistication to ensure a fair deal on recordkeeping for plan participants, among other claims.Read more >
The university is accused of not negotiating a better price for recordkeeping and retaining high cost, underperforming investments, among other things.Read more >
Syed Nishat, with Wall Street Alliance Group, discusses potential effects on retirement plans if President Joe Biden is able to move forward his legislative agenda.
While not required by ERISA, attorneys say a committee charter is a best practice that can help a plan run more smoothly—and help fiduciaries avoid litigation and penalties.
The lawsuit says the target-date funds were selected for the plan despite having no performance history and, when they continued to underperform, they were not replaced with better options.
The Center for Retirement Research says half of American households are at risk of not being able to live at pre-retirement standards of living in retirement.