The Supreme Court heard arguments Tuesday, Jan. 24, 2015 regarding Tibble v. Edison International (See our November 17, 2014 blog post), a case that might have significant impact on the fiduciary responsibilities of plan sponsors, particularly regarding plan costs and fee disclosures. According to a recent article in the Wall Street Journal, this is only one of 13 lawsuits in the last several years to be brought against large U.S. companies for failing to act in the best interests of their retirement plan participants. At the same time, retirement plans are facing greater scrutiny by the U.S. government, including the Obama administration, Labor Department, and Securities Exchange Commission. Trade groups such as National Association of Manufacturers have voiced their support for Edison International, arguing that if the Supreme Court finds favor with the plaintiff, it would place a greater fiduciary burden on the plan sponsor and open up other plan sponsors to lawsuits.
Has your plan kept up with recent concerns regarding plan fiduciary responsibilities?