Saturday, December 05, 2009

You and LaRue

Its been over a year since the Supreme Court ruled that individual participants in 401(k) and other retirement plans subject to ERISA can sue plan fiduciaries to recover investment losses from their accounts. Although it caused quite a stir at the time in the vendor and legal communities, we are surprised that many plan sponsors are still either unaware or are dismissing it as unimportant.

It IS important, and it’s easily addressed. If you have an up to date Fiduciary File and you are working with an advisor who can act as a co-fiduciary, you’ll be able to thoroughly protect yourself, starting with these two critical areas:

1) reviewing the plans’ investment policies and procedures designed to ensure that the plans’ investments options are prudent

2) analyzing (and documenting the analysis of) fees charged by service providers.

You’ll gain fiduciary protection, identify (and probably improve) your expense structure, and optimize you fund lineup.

Steve,

What is the real material risk - or examples of awards made as a result of this ruling?

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