$140 Million Settlement: What It Means to Your Retirement Plan Practice
This settlement is nearly 10-times greater than other recent high-profile settlements. It includes action items that represent a blueprint to mitigate litigation risk.
David Witz1 min read62 wordsIn December 2014, two parties in a high-profile ERISA fiduciary breach case filed a motion for the court to approve a settlement worth $140,000,000.
Recommendations
- Present all products offered by a single-covered service provider
- Present multiple share classes when available
- Identify proprietary vs. non-proprietary investments
- Disclose all expense ratios and indirect fees
- Provide revenue sharing estimates at the beginning of each plan year
