Plan Participants’ Retail Shares, Record-Keeping Claims Survive Dismissal

Mealey's (November 8, 2018, 2:53 PM EST) -- SANTA ANA, Calif. — A federal judge in California Nov. 5 denied a motion to dismiss filed by a union retirement plan accused by a proposed class of plan participants of breaching duties of prudence under the Employee Retirement Income Security Act by charging excessive fees for record keeping and offering retail shares of the plan’s mutual funds instead of less expensive shares of the same funds, finding that the plaintiffs’ record-keeping claims were timely and that the allegations sufficiently stated claims against the plan (Felipe Ybarra, et al. v. Board of Trustees of Supplemental Income Trust Fund, et al., No. 17-02091, C.D. Calif.)....