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Fourth Circuit Decision Could Spell More Uncertainty for Retirement Plan Fiduciaries
Porter Wright Morris & Arthur LLP Link to more items from this source
Aug. 11, 2014
"[T]he 4th Circuit requires not just an objective determination of whether a prudent fiduciary might have also made this decision, but a determination that in light of all circumstances known to the plan fiduciaries, the decision is one that more prudent fiduciaries than not would also make.... The decision is also notable because it is a 'reverse stock drop' case in which the decision to remove a stock fund from a plan was alleged to be imprudent when the stock price subsequently surged. At its worst, the decision in [Tatum v. RJR Pension Investment Committee] ... has the potential to push plan sponsors and fiduciaries toward a Catch-22 position when it comes to taking action on retaining or eliminating company stock funds."

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