Three more class action lawsuits were filed against the fiduciaries of plans maintained by institutions of higher education (University of Chicago, Princeton University, and Washington University in St. Louis). The complaints allege acts or omissions that constitute a breach of fiduciary duty under the Employee Retirement Income Security Act (“ERISA”) with respect to tax deferred annuity programs, commonly known as “403(b) plans” that have been adopted and maintained under Section 403(b) of the Internal Revenue Code of 1986, as amended.
Published: June 13, 2017
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Published: January 26, 2017
Over the years, we have seen numerous class action lawsuits against plan fiduciaries, starting with claims relating to mega 401(k) plans and, more recently, claims against the fiduciaries of very large University-sponsored, ERISA covered 403(b) programs. The allegations in these complaints vary, but, generally, include a breach of fiduciary duty claim alleging excessive fees were paid from plan assets for recordkeeping or other administrative services.