401(k) Specialist Issue 4 - 2017 - 10
401(k) FIDUCIARY FILE
University Victorious in Retirement
Plan Fiduciary Battle
GO QUAKERS! The University of Pennsylvania beat back a court challenge to
its 403(b) fiduciary practices, winning a dismissal of all counts contained in a
lawsuit brought by its participants.
Plaintiffs had alleged excessive fees and fund underperformance in bringing
the action, among other fiduciary-related claims, which District Judge Gene
Pratter didn't buy.
The Plan participants brought the case, individually and as a class action,
as beneficiaries in the University of Pennsylvania Matching Plan, against the
University of Pennsylvania and its Vice President of Human Resources, for
breach of fiduciary duties.
They alleged three main fiduciary failures on the part of the university.
First, they claimed that the defendants breached their fiduciary duty by
" locking in " Plan investment options into two investment companies.
Second, they claimed that the administrative services and fees were
unreasonably high due to the defendants' failure to seek competitive bids to
decrease administrative costs.
Third, they argued that the fiduciaries charged unnecessary fees while the
portfolio underperformed.
The Latest Fiduciary Rule Delay
Will Cost Participants How Much?
WHAT'S A FEW BILLION DOLLARS between (fiduciary) friends?
The very left-leaning Economic Policy Institute estimates the Trump administration's proposed
18-month delay of key provisions of the fiduciary rule will cost retirement savers $10.9 billion over
30 years.
It's an increase in estimates from July, when EPI estimated further delays in full implementation
of the DOL's Conflict of Interest Rule would cost retirement plan participants $7.3 billion
over the same period.
This was on top of the $7.6 billion it estimated delays already put in place by the Trump
Administration will cost participants over the same period.
In the latest comment letter submitted to the Department of Labor, EPI Policy Director
Heidi Shierholz strongly opposed any further delay of the rule, and urged the DOL to allow
the rule to go fully into effect as scheduled.
" Delaying this common-sense rule will cost working people who are saving for retirement
billions of dollars-dollars that will end up in the pockets of unscrupulous financial advisers, "
Shierholz said in a statement. " Anyone who wants the American people to get a fair
return on their hard work should oppose this delay. "
Heidi Shierholz
While a little light on the math, EPI claimed that the $10.9 billion estimate assumed
that, absent the full implementation of key enforcement provisions, there
will be a 50 percent rate of compliance with the rule.
10
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401(k) Specialist Issue 4 - 2017
Table of Contents for the Digital Edition of 401(k) Specialist Issue 4 - 2017
Table of Contents
401(k) Specialist Issue 4 - 2017 - Cover1
401(k) Specialist Issue 4 - 2017 - Table of Contents
401(k) Specialist Issue 4 - 2017 - 1
401(k) Specialist Issue 4 - 2017 - 2
401(k) Specialist Issue 4 - 2017 - 3
401(k) Specialist Issue 4 - 2017 - 4
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401(k) Specialist Issue 4 - 2017 - 9
401(k) Specialist Issue 4 - 2017 - 10
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401(k) Specialist Issue 4 - 2017 - 44
401(k) Specialist Issue 4 - 2017 - Cover3
401(k) Specialist Issue 4 - 2017 - Cover4
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