Every retirement plan in the country is going to have to go through a thorough review process to make sure it's meeting its fiduciary duty to monitor investment options in its plans.
That, according to one of the nation's leading ERISA authorities, is what a victory for the plaintiffs would mean in Tibble vs. Edison, the 401(k) case before the Supreme Court.
"It's going to affect all sponsors. Every single plan in the country is going to have to go through a new due diligence process, to make sure they're meeting a prudent fiduciary standard to monitor their plan," said Paul Secunda, director of the Labor and Employment Law Program at Marquette University Law School.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
