401(k) Fee Litigation After Tibble v. Edison Int'l: Navigating the Continuing Duty to Monitor Plan Investments

Establishing ERISA Plan Investment Policies to Avoid Fee Challenges and Costly Liability

Recording of a 90-minute premium CLE webinar with Q&A

Conducted on Thursday, August 6, 2015

Recorded event now available

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Program Materials

This CLE webinar will provide benefits counsel with guidance on meeting the continuing duty to monitor ERISA plan investments established by the U.S. Supreme Court in Tibble v. Edison International. The panel will help plan sponsors create investment policies to ensure compliance with ERISA fiduciary requirements and avoid costly fee litigation.

Description

On May 18, 2015, the U.S. Supreme Court held that ERISA plan fiduciaries have a continuing duty to monitor plan investments. The Court’s ruling in Tibble v. Edison International—a case filed by beneficiaries alleging plan fiduciaries chose investments with excessive fees—expands ERISA’s six-year statute of limitations to cover claims arising from investments selected outside the statutory period.

While the court made clear ERISA fiduciaries’ continuing duty to monitor investments—and remove imprudent ones—it failed to outline the scope of that duty, leaving fiduciaries in the dark as to what kind of review will satisfy the standard. Many expect the Court’s ruling to result in an increase in lawsuits challenging fees under ERISA, which authorizes both personal liability and civil penalties for violations.

Listen as our authoritative panel of ERISA attorneys analyzes the Court’s ruling and outlines steps plan sponsors should take to avoid 401(k) fee claims in light of an anticipated increase in plan participant lawsuits resulting from the Court’s relaxation of the six-year statute of limitations on ERISA claims.

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Outline

  1. ERISA plan fiduciary duties and statute of limitations
  2. DOL fee disclosure requirements
  3. Review of Tibble v. Edison International
  4. Framework for continual monitoring of plan investments

Benefits

Our panel will discuss these and other key issues:

  • What documentation should plan sponsors maintain to support investment choices?
  • What investment policies should plan fiduciaries have in place to regularly evaluate investments?
  • How should plan fiduciaries balance fund performance and fund expenses?
  • What elements of trust law will courts reviewing ERISA fiduciary duty claims likely apply?

Faculty

David C. Olstein
David C. Olstein
Counsel
Skadden Arps Slate Meagher & Flom

Mr. Olstein’s practice focuses on the fiduciary responsibility provisions of ERISA. He has extensive experience...  |  Read More

Stephen D. Rosenberg
Stephen D. Rosenberg
Of Counsel
The Wagner Law Group

Mr. Rosenberg is an experienced ERISA and business disputes lawyer with substantial expertise in ERISA litigation,...  |  Read More

Rebecca L. Sczepanski
Rebecca L. Sczepanski
Counsel
HunterMaclean

Ms. Sczepanski practices in the areas of ERISA and employee benefits, focusing on all aspects of employee benefits...  |  Read More

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