Mercer Select US - Offering range of funds should not protect fiduciaries in 401(k) fee case, DOL asserts

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Offering range of funds should not protect fiduciaries in 401(k) fee case, DOL asserts

Offering a broad menu of funds or a brokerage window should not relieve 401(k) plan fiduciaries of the duty to prudently select investments, according to a Department of Labor (DOL) brief filed in response to a recent appellate decision rejecting claims of excessive plan fees (Hecker v. Deere). DOL took issue with the Seventh Circuit's suggestion that ERISA Section 404(c) might shield fiduciaries if a plan offers a "sufficient range of options so that the participants have control over the risk of loss." DOL joined participants in requesting a rehearing by the appeals court. (Select News, 6 Apr 2009)

Full text of DOL brief seeking rehearing of Hecker v. Deere (20 Mar 2009) (PDF)

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