Investment Selection and Options

Updates

protected content Supreme Court Hears Oral Arguments in Tibble v. Edison International

The U.S. Supreme Court on February 24 heard oral arguments in Tibble v. Edison International involving whether a claim that fiduciaries breached their duty of prudence by offering higher-cost retail-class mutual funds to participants instead of institution-class mutual funds … More

ERIC Urges Supreme Court to Uphold Earlier Rulings Affirming ERISA’s Six-Year Statute of Limitations for Alleged Fiduciary Breach Claims

The ERISA Industry Committee (ERIC), the leading trade association dedicated exclusively to the employee benefit and compensation interests of America’s largest companies, today filed with the U.S. Supreme Court an amicus brief in the Tibble v. Edison International case. … More

protected content ERIC Submits Amicus Brief to U.S. Supreme Court in Tibble v. Edison International

ERIC on January 23 filed an amicus brief with the U.S. Supreme Court in the Tibble v. Edison International case, together with the … More

ERIC and Other Groups Urge DOL to Put on Hold Proposed Disclosure Guide until Focus Group Testing Complete

ERIC, in addition to 10 other business trade associations, sent a letter to the Department of Labor recommending that the Department put the proposed ERISA section 408(b)(2) “guide” on hold until forthcoming focus group testing is completed … More

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Treasury Department Releases Final Regulations on Electronic Retirement Savings Bond for myRA Program

The Treasury Department on December 15 published in the Federal Register a final rule on a new nonmarketable, electronic retirement savings bond for Treasury’s myRA retirement savings program announced earlier this year. … More

See All Updates

Amicus Briefs

ERIC Urges Supreme Court to Uphold Earlier Rulings Affirming ERISA’s Six-Year Statute of Limitations for Alleged Fiduciary Breach Claims

The ERISA Industry Committee (ERIC), the leading trade association dedicated exclusively to the employee benefit and compensation interests of America’s largest companies, today filed with the U.S. Supreme Court an amicus brief in the Tibble v. Edison International case. … More

protected content ERIC Submits Amicus Brief to U.S. Supreme Court in Tibble v. Edison International

ERIC on January 23 filed an amicus brief with the U.S. Supreme Court in the Tibble v. Edison International case, together with the … More

ERIC Urges Supreme Court to Apply Presumption of Prudence in Plans with Company Stock

The ERISA Industry Committee (ERIC) on February 3 filed (with other trade associations) with the U.S. Supreme Court an amicus brief in the Fifth Third Bancorp v. Dudenhoeffer case, urging the Court to apply the presumption of prudence at the pleading stage of a lawsuit. … More

More Amicus Briefs

Court Rulings

protected content Supreme Court Hears Oral Arguments in Tibble v. Edison International

The U.S. Supreme Court on February 24 heard oral arguments in Tibble v. Edison International involving whether a claim that fiduciaries breached their duty of prudence by offering higher-cost retail-class mutual funds to participants instead of institution-class mutual funds … More

protected content Supreme Court Declines Review of Fiduciary Breach Claims in Tussey v. ABB

The U.S. Supreme Court recently announced that it will not hear the case of Tussey v. ABB, despite encouragement from the Solicitor of Labor to hear the case. The Tussey case involved whether deference should be limited to fiduciaries’ decisions that relate to benefit claims. … More

protected content Supreme Court Declines to Hear KeyCorp Stock Drop Case

The Supreme Court recently rejected certiorari in another stock drop case after its ruling in the Fifth Third Bancorp v. Dudenhoeffer case last June. In an interesting variation from the Supreme Court’s decision in Dudenhoeffer … More

protected content Supreme Court Agrees to Hear Case on Monitoring Plan Investments

The U.S. Supreme Court has indicated that it will hear the case of Tibble v. Edison International, which involves the selection and monitoring of plan investments and the amount of fees related to those investments.… More

protected content SOL Recommends That Supreme Court Decide Fiduciary Duty Case

The Solicitor of Labor recently recommended that the U.S. Supreme Court consider to what extent fiduciaries are required to monitor investments on an ongoing basis in Tibble v. Edison International. In the Tibble case, the participants alleged that the plan fiduciaries improperly included retail-class mutual funds as investment options and violated the plan’s terms by allowing revenue sharing. … More

protected content Fourth Circuit Examines Fiduciary Duties

The Fourth Circuit Court of Appeals recently ruled in Tatum v. RJR Pension Investment Committee on the requirements for fiduciaries when eliminating a plan investment.… More

ERIC and Epstein Becker Green Release Summer 2014 Edition of Benefits Litigation Update

Attached please find the latest edition of the Benefits Litigation Update, a joint project of ERIC and the law firm of Epstein Becker Green. In this Benefits Litigation Update, we are focusing on … More

protected content U.S. Supreme Court Decides Stock Drop Case (Fifth Third Bancorp v. Dudenhoeffer)

The U.S. Supreme Court issued its opinion today in Fifth Third Bancorp v. Dudenhoeffer, which involved whether the “presumption of prudence” applies at the pleading stage in stock drop cases. ERIC had jointly filed an amicus brief in this case, urging the Supreme Court to apply the presumption of prudence at the pleading stage.… More

ERIC President Scott Macey Comments on the U.S. Supreme Court’s Decision in Fifth Third Bancorp v. Dudenhoeffer

ERIC President Scott Macey reacts to today’s ruling by the U.S. Supreme Court in Fifth Third Bancorp v. Dudenhoeffer: “Although we are disappointed that the U.S. Supreme Court rejected the ‘presumption of prudence’, we are pleased that the Court clarified the manner in which fiduciaries can defend themselves from meritless lawsuits.” … More

protected content Supreme Court Decides Non-ERISA Stock Case

Although we are still awaiting the Supreme Court’s decision in Fifth Third Bancorp v. Dudenhoeffer (with respect to which ERIC filed an amicus brief), the Supreme Court has issued a non-ERISA stock case that may have an impact on ERISA stock cases. … More

protected content Courts Continue to Decide Stock Drop Cases While Waiting for the Supreme Court to Act

As we await the U.S. Supreme Court’s decision in Fifth Third Bancorp v. Dudenhoeffer, the lower courts continue to apply the presumption of prudence (known as the Moench presumption) in stock drop cases. … More

protected content Additional Developments in “Excessive” Fee Cases

The subject of 401(k) fees continues to be litigated and is attracting the interest of both the press and possibly the Supreme Court. In response to the Eighth Circuit Court of Appeals’ recent decision in Tussey v. ABB, … More

protected content Supreme Court Hears Oral Arguments in Stock Drop Case

The Supreme Court heard oral arguments on Fifth Third Bancorp v. Dudenhoeffer yesterday. ERIC had filed an amicus brief in the case urging the Court to uphold the presumption of prudence (as recognized by most courts of appeal that have ruled on the issue) regarding employer shares fund and ESOPs. … More

protected content Eighth Circuit Finds Fiduciaries Failed to Control Plan Expenses

The Eighth Circuit Court of Appeals’ recent decision in Tussey v. ABB provided mixed results for plan sponsors. The 8th Circuit agreed with several other Courts of Appeals that the deference provided for fiduciaries’ decisions (when based on appropriate plan language) is not limited to benefit claims. … More

protected content U.S. Supreme Court Declines to Hear ERISA Case Involving Determination of Class

The U.S. Supreme Court recently announced that it will not decide whether the class was appropriately determined in Lockheed Martin v. Abbott.… More

protected content U.S. Supreme Court to Hear 401(k) ESOP Presumption of Prudence Case; ERIC Considering Filing Brief

The U.S. Supreme Court on December 13 agreed to hear another ERISA case in Dudenhoeffer v. Fifth Third Bancorp, involving whether the presumption of prudence typically available in stock drop cases should apply at the pleading stage of the lawsuit. … More

protected content

ERIC Legal Committee: Recent Cases Involving Class Actions and Deadlines for Suing Over Benefit Claims

Although summer is rapidly coming to a close, the courts have been busy with employee benefits cases. Debra Davis and I wanted to briefly highlight two of these cases for you, which involve what participants can be included in a class action lawsuit and how long participants are given to sue when their claims for benefits are denied.… More

protected content Court Finds Fiduciaries Liable in Fee Litigation Case

The Ninth Circuit Court of Appeals recently found that fiduciaries violated their duties by failing to prudently select and monitor the… More

More Court Rulings

Judicial Documents

protected content Supreme Court Hears Oral Arguments in Tibble v. Edison International

The U.S. Supreme Court on February 24 heard oral arguments in Tibble v. Edison International involving whether a claim that fiduciaries breached their duty of prudence by offering higher-cost retail-class mutual funds to participants instead of institution-class mutual funds … More

protected content Supreme Court Declines Review of Fiduciary Breach Claims in Tussey v. ABB

The U.S. Supreme Court recently announced that it will not hear the case of Tussey v. ABB, despite encouragement from the Solicitor of Labor to hear the case. The Tussey case involved whether deference should be limited to fiduciaries’ decisions that relate to benefit claims. … More

protected content Supreme Court Agrees to Hear Case on Monitoring Plan Investments

The U.S. Supreme Court has indicated that it will hear the case of Tibble v. Edison International, which involves the selection and monitoring of plan investments and the amount of fees related to those investments.… More

protected content SOL Recommends That Supreme Court Decide Fiduciary Duty Case

The Solicitor of Labor recently recommended that the U.S. Supreme Court consider to what extent fiduciaries are required to monitor investments on an ongoing basis in Tibble v. Edison International. In the Tibble case, the participants alleged that the plan fiduciaries improperly included retail-class mutual funds as investment options and violated the plan’s terms by allowing revenue sharing. … More

protected content Fourth Circuit Examines Fiduciary Duties

The Fourth Circuit Court of Appeals recently ruled in Tatum v. RJR Pension Investment Committee on the requirements for fiduciaries when eliminating a plan investment.… More

ERIC and Epstein Becker Green Release Summer 2014 Edition of Benefits Litigation Update

Attached please find the latest edition of the Benefits Litigation Update, a joint project of ERIC and the law firm of Epstein Becker Green. In this Benefits Litigation Update, we are focusing on … More

protected content U.S. Supreme Court Decides Stock Drop Case (Fifth Third Bancorp v. Dudenhoeffer)

The U.S. Supreme Court issued its opinion today in Fifth Third Bancorp v. Dudenhoeffer, which involved whether the “presumption of prudence” applies at the pleading stage in stock drop cases. ERIC had jointly filed an amicus brief in this case, urging the Supreme Court to apply the presumption of prudence at the pleading stage.… More

protected content Supreme Court Decides Non-ERISA Stock Case

Although we are still awaiting the Supreme Court’s decision in Fifth Third Bancorp v. Dudenhoeffer (with respect to which ERIC filed an amicus brief), the Supreme Court has issued a non-ERISA stock case that may have an impact on ERISA stock cases. … More

protected content Courts Continue to Decide Stock Drop Cases While Waiting for the Supreme Court to Act

As we await the U.S. Supreme Court’s decision in Fifth Third Bancorp v. Dudenhoeffer, the lower courts continue to apply the presumption of prudence (known as the Moench presumption) in stock drop cases. … More

protected content Additional Developments in “Excessive” Fee Cases

The subject of 401(k) fees continues to be litigated and is attracting the interest of both the press and possibly the Supreme Court. In response to the Eighth Circuit Court of Appeals’ recent decision in Tussey v. ABB, … More

protected content Supreme Court Hears Oral Arguments in Stock Drop Case

The Supreme Court heard oral arguments on Fifth Third Bancorp v. Dudenhoeffer yesterday. ERIC had filed an amicus brief in the case urging the Court to uphold the presumption of prudence (as recognized by most courts of appeal that have ruled on the issue) regarding employer shares fund and ESOPs. … More

protected content Eighth Circuit Finds Fiduciaries Failed to Control Plan Expenses

The Eighth Circuit Court of Appeals’ recent decision in Tussey v. ABB provided mixed results for plan sponsors. The 8th Circuit agreed with several other Courts of Appeals that the deference provided for fiduciaries’ decisions (when based on appropriate plan language) is not limited to benefit claims. … More

protected content ERIC Files Amicus Brief with Supreme Court in Fifth Third Bancorp v. Dudenhoeffer

ERIC filed (with other trade associations) an amicus brief with the U.S. Supreme Court yesterday in the Fifth Third Bancorp v. Dudenhoeffer case. We urged the Court to apply the presumption of prudence at the pleading stage of a lawsuit. … More

ERIC Urges Supreme Court to Apply Presumption of Prudence in Plans with Company Stock

The ERISA Industry Committee (ERIC) on February 3 filed (with other trade associations) with the U.S. Supreme Court an amicus brief in the Fifth Third Bancorp v. Dudenhoeffer case, urging the Court to apply the presumption of prudence at the pleading stage of a lawsuit. … More

protected content U.S. Supreme Court Declines to Hear ERISA Case Involving Determination of Class

The U.S. Supreme Court recently announced that it will not decide whether the class was appropriately determined in Lockheed Martin v. Abbott.… More

protected content U.S. Supreme Court to Hear 401(k) ESOP Presumption of Prudence Case; ERIC Considering Filing Brief

The U.S. Supreme Court on December 13 agreed to hear another ERISA case in Dudenhoeffer v. Fifth Third Bancorp, involving whether the presumption of prudence typically available in stock drop cases should apply at the pleading stage of the lawsuit. … More

protected content

ERIC Legal Committee: Recent Cases Involving Class Actions and Deadlines for Suing Over Benefit Claims

Although summer is rapidly coming to a close, the courts have been busy with employee benefits cases. Debra Davis and I wanted to briefly highlight two of these cases for you, which involve what participants can be included in a class action lawsuit and how long participants are given to sue when their claims for benefits are denied.… More

protected content Court Finds Fiduciaries Liable in Fee Litigation Case

The Ninth Circuit Court of Appeals recently found that fiduciaries violated their duties by failing to prudently select and monitor the… More

More Judicial Documents

Legislative Documents

protected content Ways and Means Chairman Camp Unveils Tax Reform Discussion Draft

House Ways and Means Committee Chairman Dave Camp (R-MI) earlier today released a “discussion draft” of his tax reform proposal. The proposal aims to broaden the tax base in order to cut and streamline the federal income tax rates for individuals and companies.… More

protected content Senator Harkin Introduces USA Retirement Funds Act

Senate Health, Education, Labor and Pensions Committee Chairman Tom Harkin (D-IA), along with Senator Brown (D-OH), on January 30 introduced the USA Retirement Funds Act. ERIC has been working with Senator Harkin’s staff on various provisions of this bill, especially the provisions involving hybrid plan clarifications … More

protected content Senator Hatch Legislation Includes Significant Pension Reforms

Senate Finance Committee Ranking Member Orrin Hatch (R-UT) on July 9 introduced legislation that would make extensive reforms to both private and public retirement plan rules. … More

protected content Representative Neal Reintroduces Retirement Simplification Legislation

This week, Representative Neal (D-MA) introduced The Retirement Plan Simplification and Enhancement Act of 2013. This bill is a reintroduction of H.R. 4050 from last year, with some changes. … More

More Legislative Documents

Letters to Agencies

ERIC and Other Groups Urge DOL to Put on Hold Proposed Disclosure Guide until Focus Group Testing Complete

ERIC, in addition to 10 other business trade associations, sent a letter to the Department of Labor recommending that the Department put the proposed ERISA section 408(b)(2) “guide” on hold until forthcoming focus group testing is completed … More

ERIC Urges DOL to Ensure Any Guidance on Brokerage Windows is Narrowly Tailored to Address Specific Concerns

The ERISA Industry Committee (ERIC) today submitted comments to the Department of Labor (DOL) responding to the agency’s request for information on brokerage windows in retirement plans.… More

protected content ERIC Submits Comment Letter on DOL RFI on Brokerage Windows

ERIC on November 19 submitted comments on the Department of Labor’s (DOL) Request for Information on the use of brokerage windows in participant-directed plans. … More

ERIC Urges Flexibility on Lifetime Income Disclosures

ERIC submitted comments today to the Department of Labor (DOL) recommending that it provide employers with flexibility regarding lifetime income disclosures. … More

More Letters to Agencies

Press Releases

ERIC Urges Supreme Court to Uphold Earlier Rulings Affirming ERISA’s Six-Year Statute of Limitations for Alleged Fiduciary Breach Claims

The ERISA Industry Committee (ERIC), the leading trade association dedicated exclusively to the employee benefit and compensation interests of America’s largest companies, today filed with the U.S. Supreme Court an amicus brief in the Tibble v. Edison International case. … More

ERIC Urges DOL to Ensure Any Guidance on Brokerage Windows is Narrowly Tailored to Address Specific Concerns

The ERISA Industry Committee (ERIC) today submitted comments to the Department of Labor (DOL) responding to the agency’s request for information on brokerage windows in retirement plans.… More

ERIC President Scott Macey Comments on the U.S. Supreme Court’s Decision in Fifth Third Bancorp v. Dudenhoeffer

ERIC President Scott Macey reacts to today’s ruling by the U.S. Supreme Court in Fifth Third Bancorp v. Dudenhoeffer: “Although we are disappointed that the U.S. Supreme Court rejected the ‘presumption of prudence’, we are pleased that the Court clarified the manner in which fiduciaries can defend themselves from meritless lawsuits.” … More

ERIC Urges Flexibility on Lifetime Income Disclosures

ERIC submitted comments today to the Department of Labor (DOL) recommending that it provide employers with flexibility regarding lifetime income disclosures. … More

More Press Releases