Higher education has become the latest target of retirement plan fee litigation. At last count, law firm Schlichter Bogard Denton has filed class actions against eight universities alleging breaches of ERISA fiduciary duties. This is the first time the plaintiffs’ bar has gone after colleges and universities, let alone other types of nonprofits. Though it’s too soon to know how these particular cases will resolve, colleges and universities need to take stock of their current retirement plan practices right now.
On August 25, Nixon Peabody will present a special briefing to address the concerns this new wave of litigation presents for higher education institutions and what plan sponsors should do to minimize their risk of liability. Specific topics include:
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