Excessive Fee Lawsuits on the Rise: Is Your Plan at Risk?

Overview


Todd Solomon told the 36th Annual ISCEBS Symposium that retirement plan fiduciaries who fail to fulfill their many duties under the DOL fiduciary rule could face litigation against retirement plan sponsors and/or fiduciary decision-makers, i.e., the members of a plan committee. He advised fiduciaries to monitor investment fees to ensure they are reasonable, document plan decision-making processes, and make sure they understand the advice of their retirement plan advisor.