401(k) Lawsuits on the Rise: Best Practices for Plan Fiduciaries

By Todd Solomon on November 2, 2017

Posted In Employee Benefits, Employee Stock Ownership Plans (ESOPs), Fiduciary and Investment Issues, Retirement Plans

At the 36th Annual ISCEBS Symposium, Todd Solomon presented best practices for plan fiduciaries to avoid 401(k) plan and 403(b) plan class action lawsuits. Todd discussed fiduciary responsibilities under ERISA as well as potential consequences of breaching fiduciary responsibilities. He highlighted notable cases brought against plan fiduciaries, including those that allege excess plan fees. Todd discussed the need for rigorous monitoring and documentation of the review process.

View the full presentation.

Tags: 401(k), 403(b) plan, 408(b)(2), Bernaola v. Checksmart Financial LLC, Billion Dollar Defined Contribution Plans, class action, Damberg v. LaMettry's Collision Inc., Employee Retirement Income Security Act of 1974 (ERISA), fiduciaries, Kruger v. Novant Health Inc., litigation, Meiners v. Wells Fargo & Co.

Todd Solomon
Todd A. Solomon focuses his practice on designing, amending and administering pension, profit sharing, 401(k), employee stock ownership and 403(b) plans, as well as nonqualified deferred compensation arrangements. He also counsels privately and publicly held corporations and tax-exempt entities regarding fiduciary issues under the Employee Retirement Income Security Act (ERISA), employee benefits issues involved in corporate transactions, executive compensation matters and the implementation of benefit programs for domestic partners of employees.Read Todd A. Solomon's full bio.

401(k) Lawsuits on the Rise: Best Practices for Plan Fiduciaries

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