In a case alleging George Washington University violated ERISA fiduciary duties with regard to retirement plan fees, a federal judge found the plaintiff had waived her right to sue in a previous agreement.
Tag: retirement plan investments
The ERISA fiduciary duty requires fiduciaries to act with prudence, not prescience, a court said.
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The defendants were denied summary judgment on all claims.
The university has pared down to 11 investment options in its 403(b) plan.
The settlement agreement leaves open a chance to bring a new claim regarding the offering of a money market fund in the plan.
The plaintiffs accused Edward Jones of favoring its own investments and those of its “preferred partners” in its 401(k) plan, at the expense of performance; they also raised questions about excess recordkeeping fees.
The settlement amount is $4.5 million, and the Jackson National defendants admit no wrongdoing.
Finding "errors of law" in a district court's decision, the 1st Circuit remanded the duty of prudence claims for review.
The complaint specifically calls out the 11 T. Rowe Price target-date funds (TDFs) offered by the plans, saying they are all adviser or retail class funds—as opposed to investor or institutional class funds.