Fiduciary’s Failure To Keep Investment Option Favored By 1 Did Not Violate ERISA

Mealey's (September 7, 2021, 8:36 AM EDT) -- NEW YORK — A retirement plan committee’s removal of a fund it deemed as underperforming did not constitute breach of fiduciary duty, a federal judge in New York ruled Aug. 19, rejecting the committee’s claim that the Employee Retirement Income Security Act’s safe harbor provision protected it from a pro se lawsuit by a plan participant who wanted his retirement savings to remain in that fund and instead finding that the committee had no duty to keep a fund that “may be suitable for one” and “wholly inadequate . . . for another.”...