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On Monday, participants in an Employee Retirement Income Security Act (ERISA) case earned a victory when the U.S. Supreme Court vacated a Ninth Circuit ruling that their claims were filed too late (Tibble v. Edison International). Edison International employees participating in the company’s employee retirement plans are objecting to the company’s investment choices.
Womble Carlyle attorney Jan Baldwin offered comments on the ruling to Law360.com.
“The case underscores the importance of a plan fiduciary’s affirmative duty under ERISA to periodically monitor the investment options offered under the plan and to make changes when prudent and in the best interests of plan participants. A fiduciary cannot escape potential liability for failing to monitor just because the initial selection of the investment option was prudent. The failure to monitor can give rise to a fiduciary breach,” Baldwin said.
Click here to read the full article at Law360.com.
Jan Baldwin helps companies navigate the myriad of technical rules governing employee benefit plans and executive compensation arrangements. She devotes her time to advising large to mid-sized employers, both public and private, in the design, drafting, implementation, and administration of tax-qualified retirement plans, health care plans, nonqualified deferred compensation arrangements, and executive compensation arrangements, including executive employment agreements and equity-based compensation plans. She also advises on executive compensation and benefits issues arising in the context of mergers, acquisitions and other corporate events.