Verrill Dana Employee Benefits attorneys Eric Altholz and Chris Lockman provide a brief update on class action lawsuits alleging various breaches of fiduciary duties under ERISA pending against a dozen major universities. All of these lawsuits are related to the administration of the 403(b) plans maintained by the universities, but these issues are not limited to higher education institutions. Tax-exempt employers, including health care organizations, whose 403(b) programs may include multiple vendors and a large number of investment options should reduce the risk of “analysis paralysis” and high fees that may result from offering a large number of vendors and funds. In this podcast, Eric and Chris offer thoughts about how retirement plan fiduciaries can assess and improve their practices regarding the investment of plan assets in 403(b) and 401(k) plans.
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