Some recent suits—and federal court rulings—provide some timely reminders about the importance of a prudent process and following the plan document.
In this podcast episode, Nevin (Adams) & Fred (Reish) discuss the background, issues, and implications behind:
(1) Suits regarding reallocation of forfeitures—offsetting employer contributions:
401(k) Forfeiture Fiduciary Breach Suit Now Targets Tetra Tech
(2) The importance of following the plan document:
DOL Successfully Sues Employer for Misuse of Forfeitures
(3) Fiduciary defendants prevail in two separate (and very different) cases because they had prudent, documented processes in place:
Prudent Process Prevails (Again) in Proprietary Fund Suit
Breaking News: flexPATH Prevails in Suit Brought by Schlichter
(4) Participant suit challenging ESG “bias” of investment manager proxy voting clears motion to dismiss:
American Airlines Pilot’s 401(k) ESG Suit Clears Motion to Dismiss
UPDATE: American Airlines Moves (Quickly) for Summary Judgment in ESG 401(k) Suit
And don’t forget our LIVE session at the NAPA 401(k) Summit (April 8). You can (still) sign up at: https://bit.ly/3T4PG9c
