"[T]he court of appeal concluded that the Regents had never communicated with members in a way that would reasonably create any confusion over the availability of retroactive retirement rights, and thus did not have a fiduciary duty to dispel such confusion. [The court also held] that retirement systems' fiduciary duties to their members do not mean that systems have a duty to maximize each member's benefits. That is, systems are not under any obligation to provide a member bespoke advice that will maximize their retirement allowance in light of their own particular circumstances." [Mass v. The Regents of the Univ. of Calif., No. A170424 (Calif. Ct. App. Oct. 28, 2025)]  MORE >>