Hunton Employment & Labor Perspectives

July 1, 2012 has come and gone and ERISA retirement plans should have received fee disclosures from their covered service providers.  Now plan fiduciaries have to do something with all that information.  Where do you start?

With all the recent attention in the press and by the Department of Labor on who is a fiduciary and what a fiduciary needs to do, you may wonder if you have waited too long to focus on this issue.  While the March 2012 opinion by the Federal District Court for the Western District of Missouri in Tussey v. ABB, Inc., found that it was too late for the plan fiduciaries for the two ABB Inc. 401(k) plans to fix their mistakes, the opinion should serve as a wake up call to other 401(k) plan fiduciaries to change their fiduciary ways before it is too late for them.