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- Implications of Section 78(3) of the Restatement (Third) of Trusts and the Expanding “Knew or Should Have Known” Liability Standard in the Era of AI
- Closing Argument: Humble Arithmetic, Common Sense, and Fiduciary Liability vs. In-Plan Annuities
- Closing Argument: Humble Arithmetic, Common Sense, and Fiduciary Responsibility vs. In-Plan Annuities
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Category Archives: retirement plans
What If They Are Wrong?: How Court Decisions Impact 401(k) and 403(b) Plan Sponsors’ Fiduciary Risk Management Decisions
As an attorney and a fiduciary risk management consultant, my first thought when SCOTUS announced its decision in Hughes v. Northwestern University1 (Northwestern) was the renewed potential fiduciary risk liability for the plan sponsors. During the oral arguments, SCOTUS was … Continue reading
Posted in 401k, 401k compliance, 401k investments, 401k plan design, 401k risk management, 403b, Active Management Value Ratio, AMVR, compliance, cost consciousness, cost efficient, cost-efficiency, ERISA, ERISA litigation, fiduciary compliance, fiduciary duty, fiduciary law, fiduciary liability, fiduciary liability, Fiduciary prudence, fiduciary prudence, fiduciary responsibility, fiduciary risk management, fiduciary standard, Mutual funds, pension plans, plan advisers, plan sponsors, prudence, retirement plans, risk management, SCOTUS, Supreme Court, wealth management, wealth preservation
Tagged 401k, 401k compliance, 401k litigation, compliance, ERISA, ERISA litigation, fiduciary, fiduciary investing, fiduciary law, fiduciary liability, investment advisers, retirement plans, SCOTUS, Supreme Court
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Who Will Tell the Plan Sponsors?: The Truth About the Looming Fiduciary Liability Trap in 401(k) and 403(b) Litigation
I have been reading a number of articles from some very impressive law firms suggesting that the attorneys for 401(k)/403(b) firms should file combine motions to dismiss with motions for summary judgment in order to deny plan participants from obtaining … Continue reading
Posted in 401k, 401k compliance, 401k investments, 401k plan design, 401k risk management, 403b, Active Management Value Ratio, AMVR, compliance, consumer protection, cost consciousness, cost efficient, cost-efficiency, Cost_Efficiency, ERISA, ERISA litigation, fiduciary compliance, fiduciary duty, fiduciary law, fiduciary liability, fiduciary liability, Fiduciary prudence, fiduciary prudence, fiduciary responsibility, fiduciary risk management, fiduciary standard, investment advisers, pension plans, plan advisers, plan sponsors, prudence, retirement plans, risk management, SCOTUS, Supreme Court, wealth management, wealth preservation
Tagged 401k, 401k compliance, 401k fiduciary, 401k litigation, 401k plan advisers, 401k plans, 403b, 404c compliance, compliance, ERISA, ERISA litigation, fiduciary, fiduciary investing, fiduciary law, fiduciary liability, Fiduciary prudence, fiduciary risk management, fiduciary standard, fiduciaryliability, fiduciaryresponsibility, investment advisers, plan sponsor, plan sponsors, retirement plans, SCOTUS, Supreme Court
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Target Date Funds Have Now Become the Targets of 401(k) Litigation (Part 2)
In my last post, I analyzed the popular Fidelity Freedom Active Suite and Fidelity Freedom Index target date funds. The Fidelity Freedom and TIAA-CREF Lifestyle target date funds are arguably the two most popular groups of target date funds in … Continue reading
Posted in 401k, 401k compliance, 401k investments, 401k plan design, 401k risk management, 403b, Active Management Value Ratio, compliance, consumer protection, cost consciousness, cost efficient, cost-efficiency, Cost_Efficiency, ERISA, ERISA litigation, fiduciary compliance, fiduciary duty, fiduciary law, fiduciary liability, fiduciary liability, Fiduciary prudence, fiduciary prudence, fiduciary responsibility, fiduciary risk management, fiduciary standard, investment advisers, investments, Mutual funds, pension plans, plan sponsors, prudence, retirement planning, retirement plans, risk management, wealth management, wealth preservation
Tagged 401k, 401k compliance, 404c compliance, compliance, fiduciary, fiduciary duty, fiduciary investing, fiduciary law, fiduciary liability, fiduciary risk management, investment advisers, investor protection, retirement plans
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The Conversation Every 401(k) and 403(b) Plan Needs to Have: The Plan Sponsor Liability Circle™
James W. Watkins, III, J.D., CFP®, AWMA® Whenever plan sponsors and plan advisers talk about 401(k) litigation, they always point the finger at those bad ‘ol ERISA plaintiff attorneys. Since I am one of those bad folks, I respectfully disagree … Continue reading
Posted in 401k, 401k compliance, 401k investments, 403b, Active Management Value Ratio, best interest, compliance, consumer protection, cost consciousness, cost efficient, cost-efficiency, ERISA, ERISA litigation, fiduciary compliance, fiduciary duty, fiduciary law, fiduciary liability, fiduciary liability, Fiduciary prudence, fiduciary prudence, fiduciary responsibility, fiduciary risk management, fiduciary standard, investment advisers, Mutual funds, pension plans, plan sponsors, prudence, Reg BI, retirement planning, retirement plans, risk management, securities compliance
Tagged 401k, 401k compliance, 401k risk management, 404c compliance, compliance, ERISA, fiduciary, fiduciary investing, fiduciary law, fiduciary liability, Fiduciary prudence, fiduciary responsibility, fiduciary risk management, fiduciary standard, retirement plans, risk management
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An Inconvenient Truth: Cost-Inefficiency and Closet Indexing in 401(k) Plans
“Facts do not cease to exist because they are ignored” – Aldous Huxley The Sixth Circuit Court of Appeals’ recent decision in the CommonSpirit Health (CommonSpirit)1 401(k) action has brought renewed attention to several key 401(k) compliance and fiduciary liability … Continue reading
Posted in 401k, 401k compliance, 401k investments, 403b, Active Management Value Ratio, AMVR, best interest, closet index funds, compliance, consumer protection, cost consciousness, cost efficient, cost-efficiency, ERISA, ERISA litigation, fiduciary compliance, fiduciary duty, fiduciary law, fiduciary liability, fiduciary liability, Fiduciary prudence, fiduciary prudence, fiduciary responsibility, investments, Mutual funds, pension plans, plan sponsors, prudence, Reg BI, retirement plans, risk management, wealth management, wealth preservation
Tagged 401k, 401k compliance, 403b, compliance, ERISA, fiduciary, fiduciary investing, fiduciary law, fiduciary liability, Fiduciary prudence, fiduciary responsibility, investment advisers, plan participants, plansponsors, retirement plans
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Caveat Fiduciarius: The Reg BI “Reasonably Available Alternatives”/ERISA “Fiduciary Prudence” Liability Trap
I am on record as saying that (a) ERISA plaintiff’s attorneys should never lose a properly vetted 401(k)/403(b) action, and (b) the amount of 401(k)/403(b) litigation is going to continue to increase. Those opinions are based on three trends within … Continue reading
Posted in 401k, 401k compliance, 401k investments, 403b, 404c, 404c compliance, best interest, compliance, consumer protection, cost consciousness, cost efficient, cost-efficiency, ERISA, ERISA litigation, fiduciary compliance, fiduciary duty, fiduciary law, fiduciary liability, fiduciary liability, Fiduciary prudence, fiduciary prudence, fiduciary responsibility, fiduciary standard, investment advisers, investments, Mutual funds, pension plans, plan sponsors, prudence, Reg BI, retirement plans, wealth management, wealth preservation
Tagged 401k, 401k compliance, 404c, 404c compliance, best interests, compliance, ERISA, fiduciary, fiduciary duty, fiduciary investing, fiduciary law, Fiduciary prudence, fiuciary responsibility, investment advisers, InvestSense, plan sponsors, Reg BI, retirement plans
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Redefining Fiduciary Prudence for 401(k) Plan Sponsors
by James W. Watkins, III, J.D., CFP®, AWMA® The legal requirement for prudence, as defined in ERISA Section 404(a)(1)(B), is for a fiduciary to discharge his or her duties with: “the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man acting in a … Continue reading
Posted in 401k, 401k compliance, 401k investments, 403b, Active Management Value Ratio, AMVR, closet index funds, compliance, consumer protection, cost consciousness, cost efficient, cost-efficiency, DOL fiduciary rule, ERISA, ERISA litigation, fiduciary compliance, fiduciary duty, fiduciary law, fiduciary liability, fiduciary liability, Fiduciary prudence, fiduciary prudence, fiduciary responsibility, investment advisers, investments, pension plans, plan sponsors, prudence, retirement plans, risk management
Tagged 401k, 401k compliance, Active Management Value Ratio, AMVR, compliance, ERISA, fiduciary, fiduciary investing, fiduciary law, fiduciary liability, Fiduciary prudence, fiduciary responsibility, investment advisers, plan sponsors, retirement plans
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At What Cost?: Annuities, Cryptocurrency, and Fiduciary Law
A [fiduciary] is held to something stricter than the morals of the market place. Not honesty alone, but the punctilio of an honor the most sensitive, is the standard of behavior….1 Fiduciary law is a combination of three types of … Continue reading
Posted in 401k, 401k compliance, 401k investments, 403b, Active Management Value Ratio, AMVR, Annuities, consumer protection, cost consciousness, cost efficient, cost-efficiency, Cost_Efficiency, ERISA litigation, evidence based investing, fiduciary compliance, fiduciary duty, fiduciary law, fiduciary liability, fiduciary liability, Fiduciary prudence, fiduciary prudence, fiduciary responsibility, fiduciary standard, investment advisers, pension plans, prudence, retirement plans, risk management, securities compliance, wealth management, wealth preservation
Tagged 401k, 401k compliance, 404c compliance, compliance, ERISA, fiduciary, fiduciary investing, fiduciary law, plansponsors, retirement plans, trustees, trusts, trusts and estates
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Heuristics, Cognitive Biases and 401(k)/403(b) Fiduciary Decision-Making
The number of 401(k)/403(b) cases continues to grow. And it will continue to do so unless and until plan sponsors take the time to truly understand their legal responsibilities and adjust their plans accordingly. I am on record as saying … Continue reading
Posted in 401k, 401k compliance, 401k investments, 403b, Active Management Value Ratio, ERISA, ERISA litigation, fiduciary compliance, fiduciary duty, fiduciary law, fiduciary liability, fiduciary liability, Fiduciary prudence, fiduciary prudence, fiduciary responsibility, fiduciary standard, investments, retirement plans, wealth management, wealth preservation
Tagged 401k, 401k compliance, 401k litigation, 403b, ERISA, ERISA litigation, fiduciary, fiduciary investing, fiduciary law, fiduciary liability, fiduciary responsibility, investment advisers, plansponsors, retirement plans, trustees, trusts
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The Really Smart Experts Measure AMVR: Blueprint for 401(k)/403(b) Litigation and Design
In a recent post, I wrote (1) that plan participants should never lose a properly vetted 401(k)/403(b) litigation action, and (2) a properly designed and maintained 401(k)/403(b) plan should should never lose a breach of fiduciary duties action based on … Continue reading
Posted in 401k, 401k compliance, 401k investments, 403b, Active Management Value Ratio, AMVR, cost consciousness, cost efficient, cost-efficiency, Cost_Efficiency, ERISA, fiduciary compliance, fiduciary law, fiduciary liability, Fiduciary prudence, fiduciary responsibility, pension plans, prudence, retirement plans, wealth management, wealth preservation
Tagged 401k compliance, ERISA, fiduciary investing, fiduciary law, retirement plans
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