Justices to consider obligation of retirement-plan sponsors to pare investment options

Justices to consider obligation of retirement-plan sponsors to pare investment options

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Monday’s argument in Hughes v. Northwestern University will give the justices yet another opportunity to explain the fiduciary obligation of the sponsors that control the defined-contribution plans on which so many of us depend for our retirement.

This case comes to the justices under ERISA, the Employee Retirement Income Security Act of 1973. Responding to a shocking pattern of self-dealing and mismanagement in employee pension plans, the statute federalized a great deal of the law governing those plans. As … Read the rest