I wrote last month about the damages assessed against the plan sponsor, Edison International, in the renowned Tibble case. If the $7.5 million awarded to the plan participant plaintiffs wasn’t enough, the district court judge in the case tacked on another $5.6 million in damages. (This article offers a good…
A Request for Proposal (RFP) does more than help a plan sponsor select service providers for different aspects of their plan. RFPs also help meet the requirements under ERISA §404(a)(1), to act in the best interests of the plan participants and to document the methodology used to establish a process…
It’s become a familiar story in the retirement benefits industry—a company comes under fire for excessive fees charged to its retirement plan, and plan sponsors face class action lawsuits for failing to act in the interests of the plan’s participants. More often than not, these stories don’t end well for…