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TDF Fiduciary Hygiene: An Appropriate IPS; Customized Benchmarks; and Thorough Committee Minutes
October Three Consulting Link to more items from this source
May 30, 2024

"Cisco was able to win ... because of the flexibility it had built into its IPS, giving the committee discretion as to what to do if a fund did not meet a target.... For the foreseeable future, plaintiffs lawyers will be on the hunt for sponsors that include 'underperforming funds' in the plan fund menu. Committees may address this issue by explicitly recording/summarizing in their minutes any discussion of fund performance, especially with respect to funds that are 'underperforming.' " [Bracalente v. Cisco Systems, Inc., No. 22-4417 (N.D. Calif. May 20, 2024)]

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