Loan & Distribution Specialist AimPoint Pension
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Compass
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Regional Vice President of Sales The Retirement Plan Company
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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Bates & Company, Inc.
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AimPoint Pension
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Statute of Limitations Bars Claim That High Fees Made Plan's Investments Imprudent
Thomson Reuters / EBIA Aug. 3, 2018
"The employee claimed that the plan's fiduciaries breached their fiduciary duties under ERISA by authorizing and retaining the plan's actively managed 'lifestyle portfolio' investments, which charged higher fees, but had lower returns, than index funds. The plan's fiduciaries argued that the employee had actual knowledge of the portfolios' fees in 2012, so the claims -- which were filed in 2016 -- were time-barred because they were not commenced within 'three years after the earliest date on which the [employee] had actual knowledge of the breach,' as required by ERISA." [Bernaola v. Checksmart Financial LLC, No. 16-684 (S.D. Ohio July 12, 2018)]
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