Jerry Schlichter says he wasn't surprised by this week's Supreme Court decision in Tibble vs. Edison.

"We were confident the Supreme Court would make the right decision, and not rule that 401(k) plans could effectively be run on autopilot," said the founding partner in St. Louis-based Schlichter, Bogard and Denton, the boutique law firm responsible for driving much of the litigation against defined contribution plans over the past decade.

Calling the unanimous ruling "a victory for American workers," Schlichter said the decision clarifies and establishes a standard of prudence for fiduciaries to large workplace savings plans.

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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.