Coronavirus (COVID-19) News and Resources
Coronavirus (COVID-19) Webcasts
Subscribe to Free Daily Newsletters
Post a Job

Featured Jobs

Defined Contribution Account Manager
Nova 401(k) Associates logo
Nova 401(k) Associates
(Houston TX / Dallas TX / Scottsdale AZ / Telecommute)
Enrolled Actuary
Loren D. Stark Company logo
Loren D. Stark Company
ESOP Valuation Writer
Unique ESOP Valuation Provider

Free Daily News and Jobs

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Get the BenefitsLink app LinkedIn

<< Previous news item   |   Next news item >>

Citigroup Decision's Warning for 401(k) Fiduciaries
The Prudent Investment Adviser Rules Link to more items from this source
Oct. 24, 2014
"The court noted that Citigroup had not even attempted to offer any evidence that the plan participants had been provided with or possessed the necessary fee data. Without such data, the court held that the plan participants 'could not have known that the fees were excessive, and thus a basis for an ERISA claim.' ... [F]ew, if any, 401(k) plans provide the type of fee comparison data mandated by the court's decision. The court seems to suggest that the required fee comparison data includes comparison data on both the unaffiliated funds with a plan, but also on comparable alternative funds with similar types of assets and equivalent performance available in the marketplace." [Leber v. Citigroup 401(k) Plan Investment Committee, No. 07-Cv-9329 (S.D.N.Y. Sept. 30, 2014)]

Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the link above).
An important word about authorship: BenefitsLink® is providing a hypertext link to the item shown above, but is not the author of the item (unless otherwise specified).
© 2020, Inc.