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MassMutual Is Functional Fiduciary But Ability to Remove Funds Doesn't Confer Status
Bloomberg BNA 
May 29, 2014
"The court's ruling ... directly touched on the issue left open by [the opinion of the Seventh Circuit in Leimkuehler v. American United Life Ins. Co.] and taken up by the DOL amicus brief -- namely, whether the power to substitute funds in an investment lineup causes a record keeper to be an ERISA Section 3(21)(A)(iii) fiduciary for purposes of a challenge to its receipt of revenue-sharing payments. Appearing to disagree with the DOL, the [federal district court in Massachusetts] answered that question in the negative. However, the court emphasized that its conclusion was based partly on the fact that MassMutual never exercised this discretion." [Golden Star v. MassMutual Life Insurance, No. 3:11-30235-PBS (D. Mass. May 20, 2014)]
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