Navigating 401(k) and 403(b) Plan Litigation Risks: Key Issues for Sponsors and Administrators

BARBRI

Sections 403(b) and 401(k) plan compliance presents significant challenges for employee benefits counsel and administrators. Plan fiduciaries are increasingly the subject of suits alleging breach of fiduciary duty due to excessive fees, imprudent selection and monitoring of investment options, and underperforming plan investment options.

Recent cases include claims that fiduciaries should have leveraged the plan's assets to qualify for lower-cost share classes of plan offerings and lower-cost administrative and investment management services, chosen less costly or better-performing investment options for the plan, and pursued reduced recordkeeping fees. Furthermore, recent claims also allege the fiduciaries selected investment options that consistently underperformed.

Plan sponsors of 401(k) and 403(b) plans must consider the impact of recent regulatory and litigation developments to ensure strict compliance to avoid potential claims.

Listen as our panel discusses recent retirement plan litigation involving 401(k) and 403(b) plans. The panel will discuss theories, defenses, dismissals, and the current state of the litigation. The panel will analyze the differences in claims, theories, and causes of action between 401(k) and 403(b) plans and offer techniques in avoiding and managing lawsuits.

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