8th Circuit: 401(k) Service Provider Is Not ERISA Fiduciary

Mealey's (January 11, 2016, 8:28 AM EST) -- ST. LOUIS — A retirement plan sponsor’s allegations that a service provider breached its fiduciary duties under the Employee Retirement Income Security Act failed because the provider did not owe any duty to the participants at the time the fees were negotiated and because the sponsor failed to establish a connection between its excessive fee allegations and the alleged post-contract basis for fiduciary duty, the Eighth Circuit U.S. Court of Appeals affirmed Jan. 8, rejecting the position of the U.S. Department of Labor (McCaffree Financial Corp....
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