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Text of Amicus Brief by AARP to Supreme Court in Tibble v. Edison (PDF)
AARP Link to more items from this source
Dec. 18, 2014
"Alarmist arguments that decry an outcome for the petitioners as a death knell for employee retirement plans are cast more heat than light. The ERISA duty of prudence requires fiduciaries of employer sponsored defined contribution plans to regularly monitor and re-evaluate long standing plan investment options. Industry standard of practice has borne out this requirement to include regular re-evaluation of investment share class and fees, a recommendation resoundingly echoed by responsible employers and retirement management consulting groups.... A formalized legal requirement to evaluate existing investment options for imprudent fees will not weaken the 401(k) system. Rather, it merely embraces the procedures that plan sponsors and their fiduciaries should already be following.... Requiring periodic fiduciary consideration of mutual fund fees as part of a prudent investment evaluation merely recognizes a fiduciary duty that is already embraced as standard practice." [Tibble v. Edison International, No. 13-550 (9th Cir. Aug. 1, 2013; cert. pet. granted Oct. 2, 2014)]

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