No Fiduciary Liability For Transfer Of Default Investment, 6th Circuit Holds

CINCINNATI - A Section 403(b) plan administrator did not breach its fiduciary duties under the Employee Retirement Income Security Act 29 U.S.C.S. § 1001 et seq., by transferring participants' investments from a stable value fund to a qualified default investment alternative (QDIA) without the participants' directions to do so, the Sixth Circuit U.S. Court of Appeals affirmed June 29 (James Christopher Bidwell, et al. v. University Medical Center, Inc., et al.,  No. 11-5493, 6th Cir.; 2012 U.S. App. LEXIS 13306).

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