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Is the Tide Turning in Favor of Plan Sponsors in Excessive Fee Cases?

October 11, 2022 (3 min read)

A recent Seventh Circuit case reads the U.S. Supreme Court’s decision in Hughes v. Northwestern as just rejecting the assumption that offering an array of high- and low-cost investment options insulates fiduciaries from liability. In Albert v. Oshcosh Corp., the Seventh Circuit stated that plaintiffs had overstated the significance of the Hughes case, ruling that the case does not require plans to regularly go out to bid for services.

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    • ERISA Litigation. PricewaterhouseCoopers retirees who accused the accounting firm of lowballing their lump-sum pension benefits asked a New York federal court to bless a $267 million class action settlement that would end the suit after more than 16 years of litigation.
    • Retirement Plans. IRS released an advance version of Notice 2022-45 extending the deadline for amending an eligible retirement plan (including an IRA) to December 31, 2025, to reflect the provisions of the Coronavirus Aid, Relief, and Economic Security Act (Pub. L. No. 116-136) (CARES Act) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Pub. L. No. 116-260) providing special tax treatment regarding coronavirus (COVID-19)-related distributions and qualified disaster distributions, respectively. See prepublication draft.
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