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Brokerage Windows’ Future Unclear

Brokerage windows are relatively rare in most 401(k) plans. Out of the 686 plans surveyed by the Plan Sponsor Council of America in 2012, only 17% of them offered the option. Not So Transparent: Brokerage windows are supposed to provide plan participants with access to a greater variety of investments. However, they can be problematic […]


ABB 401(k) Plan Participants See PRISM Plan Changes

On February 27, 2014, participants in ABB, Inc.’s 401(k) Plan were sent a letter [available here] telling them that Plan is in the process of removing all Fidelity-managed investment options and switching the Plan’s recordkeeper from Fidelity to Merrill Lynch. The Plan option changes also involve the removal of the Fidelity Freedom Funds, which will […]


Still More Support for Low-Fee Index Funds

Matthew O’Brien’s recent piece in The Atlantic [available here] provides another insightful commentary on the benefits of passively-managed “index” mutual funds instead of their more expensive actively-managed alternatives. Mr. O’Brien first demonstrates that most actively-managed funds perform worse than the indexes they are trying to beat — and that is particularly so if you include […]


Stable Value Funds

Stable Value Funds have been around since the 1970s, offered as a conservative option in 401(k) plans. Most recently, they are being recommended as a safer alternative to deal with rising interest rates and falling bond funds.  Stable value funds are designed to protect principal while offering a guaranteed small yield. What’s not to love? […]


401(k) Fees- A Threat to Retirement

America’s largest 401(k) provider, Fidelity Investments, reported that average balances in 401(k) Plans has reached a record high of $84,300, largely due to a thriving stock market. According to AARP, 71% of Americans wrongly believe they pay no fees at all.  These plans are not free.  On the contrary, the average total plan cost ranges […]


Schlichter, Bogard & Denton Granted Final Approval of $35 Million Settlement for Cigna Employees and Retirees Over Disputes in the Handling of the Cigna 401(k) Plan

Schlichter, Bogard & Denton, a St. Louis law firm, achieved final approval of its $35 million settlement on behalf of Cigna employees and retirees with Cigna Corporation and Prudential Retirement Insurance and Annuity Company (PRIAC) of Nolte, et al. v. Cigna Corp., et al. Case No. 07-02046 in the U.S. Federal Court for the Central […]


Schlichter, Bogard & Denton 401(k) Excessive Fee Claim Against International Paper Granted Preliminary Approval

Schlichter, Bogard & Denton 401(k) Excessive Fee Claim Against  International Paper Granted Preliminary Approval On October 10, 2013, St. Louis law firm Schlichter, Board & Denton obtained preliminary approval of a $30 million settlement with International Paper Company regarding its 401(k) fee class action in Pat Beesley, et al., v. International Paper Company, et al., […]


Another Victory for Schlichter, Bogard & Denton, LLP – Federal District Court Grants Class Action Status to Boeing 401(k) Plan Participants

On September 19, 2013, Chief Judge David R. Herndon of the United States District Court for the Southern District of Illinois granted class certification to participants in the Boeing 401(k) Plan, regarding claims that Boeing personnel responsible for managing the plan breached their fiduciary duties under the Employee Retirement Income Security Act (“ERISA”), by: (1) […]


Schlichter, Bogard & Denton Announce Their Investigation of CDL Training Industry, including Driver’s Solution, C1 Truck Driver Training, LLC, and Pyramid Financial Solutions, LLC

Long-haul truck driving in not for everyone. In fact, turnover in the industry waivers around 100% and the New York Times reports that 40% of new drivers do not make it 90 days. However, many potential drivers are lured into the industry through company-paid programs requiring them to work 12-months or longer for a single carrier. […]


Plan Sponsor Council of America Releases 403(b) Plan Survey

The Plan Sponsor Council of America, an association of 1,200 companies who offer retirement plans, released its 2013 403(b) plan survey recently. The survey was sponsored by Principal Financial Group and reports on the 2012 plan-year experience of 573 not-for-profit organizations. The survey underscores that many employers continue to struggle with their fiduciary duties to […]

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