Plan Administrator Not Permitted To Ignore Request To Diversify Plan, Judge Says

(October 19, 2015, 2:05 PM EDT) -- MONTGOMERY, Ala. — An Alabama federal judge on Oct. 14 denied a retirement investment plan’s motion to dismiss after determining that the plan administrator was not permitted to ignore the participants’ request to diversify their investment (Dave Bryant, et al. v. Community Bankshares Inc., et al., No. 14-1074, M.D. Ala.).

(Opinion available. Document #54-151111-001Z.)

Dave and Vicki Bryant are longtime employees of Community Bankshares Inc. They invested in their employer’s employee stock option plan (ESOP) and believed their investment would pay off during their retirement. However,...
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