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Plenty of questions about 401(k)s remain unanswered, particularly regarding the legal obligations of plan fiduciaries, the CRR report says. But there are also several other key reasons for the increase in lawsuits. (Photo: Shutterstock)With 401(k) plans taking over from pensions as the chief employer-provided means of saving for retirement, there’s plenty of ground to cover in keeping up with fiduciary obligations of those who have to administer the plans and their assets.
A new brief from the Center for Retirement Research at Boston College looks at the proliferating phenomenon of lawsuits over those fiduciary obligations, the reasons for the lawsuits and the effects they have on the 401(k) plans they challenge, including the potential to throttle innovation.
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Marlene Y. Satter has worked in and written about the financial industry for decades.
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The government argued the petitioners haven't shown their claimed injuries outweigh the government's interest in protecting workers.
Labor extended the non-enforcement policy on its fiduciary rule to Jan. 31.
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