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The Legal Conflict at the Heart of U.S. Retirement Plans

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Last week, yet another slew of private retirement plan managers became the target of class-action lawsuits. This time it was a bunch of universities: Yale University, New York University, the Massachusetts Institute of Technology and other schools have been sued for failing to properly oversee their employees’ retirement plans.

The lawyer behind the suits, Jerome Schlichter, has already hit companies for failing to administer their 401(k) plans responsibly; this latest wave of suits targets the so-called 403(b), a form of defined contribution plan used by non-profits like universities that closely resembles the 401(k).

These suits are sending shock waves through the world of private retirement plans. And with good reason: They betray the nation’s unresolved confusion over the historic change that’s occurred in how most people save for retirement. Read More….

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AAPL
158.73
+0.06
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XOM
80.22
+0.13
+0.16%
MSFT
75.44
+0.28
+0.37%
JNJ
135.22
-0.16
-0.12%
WFC
53.36
+0.65
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GE
24.2
-0.26
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JPM
93.94
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PG
94.17
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PFE
35.45
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VZ
49.34
+1.25
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CVX
116.34
+1.15
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T
38.21
+0.79
+2.11%
BAC
24.86
+0.16
+0.65%
DIS
98.43
+0.33
+0.34%
FB
172.52
+2.51
+1.48%
C
71.15
+0.55
+0.78%
MRK
65.95
-0.04
-0.06%
GOOG
921.81
+6.81
+0.74%
KO
45.98
-0.13
-0.28%
CMCSA
37.3
+0.19
+0.51%
HD
157.66
-0.15
-0.10%
GILD
82.29
-0.68
-0.82%
INTC
37.23
+0.23
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IBM
144.39
-0.16
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CSCO
32.49
-0.03
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PEP
114.49
-0.5
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AMZN
969.86
-4.33
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ORCL
48.04
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V
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WMT
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