On May 21, the Houston Chronicle spoke with Gardere Partner Michael A. Abbott about a recent U.S. Supreme Court ruling that will expand the rights for employees to sue over 401(k) plans.
According to Mr. Abbott, the decision in Tibble v. Edison emphasizes that fees do not n’t affect the amount of retirement money promised in a pension, but they do directly impact 401(k) accounts. Thus, Mr. Abbott encourages employees to be proactive with their savings. "As a participant, you need to take responsibility for your own retirement investments and make sure that your 401(k) fiduciaries are periodically monitoring the investments that are being offered," he said.
Subscribers can access the full article here.