"[T]he system as viewed and approved of by the Santomenno court is one in which the actual plan fiduciaries bear financial liability if they don't use the power granted to them by the vendor to police fees and expenses, thereby resulting in excessively high expenses. In that circumstance, the named fiduciary becomes liable for that problem. As a result, even without the service provider being deemed a fiduciary, the system still captures the risks of excessive fees and requires action -- only by the plan sponsor and its appointees rather than by service providers such as John Hancock -- to ensure that the problem is either avoided or remedied." [Santomenno v. John Hancock Life Ins. Co., No. 13-3467 (3d Cir. Sept. 26, 2014)]  MORE >>