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Recent lawsuits aimed at sponsors of 403(b) plans create new challenges

The recent lawsuits aimed at 403(b) plans sponsored by universities and non-profit entities should give you pause and initiate an immediate review of the fees and investment options associated with your 403(b) plan.

The lawsuits, which name plan sponsors, their retirement committees and advisors as defendants, are all similar in that they allege breaches of fiduciary duties that harm participants through higher fees and reduced investment performance. The lawsuits can be seen as an extension of successful litigation against 401(k) sponsors that resulted in numerous settlements among sponsors that could not demonstrate ongoing due diligence.

Is your 403(b) plan receiving unbiased, independent advice? Retirement Committees require a co-fiduciary advisor that will provide straightforward advice and maintain a due diligence process that is not influenced by anything other than what is in the best interest of your participants.

To make sure you receive complete and impartial fund evaluations and recommendations, Centurion is offering an independent plan review. We are one of the nations’ largest independent retirement plan advisory firms, committed to providing better retirement outcomes. We do this through independent and objective investment advice and plan consulting.
Your participants deserve the best opportunity to have a successful retirement. Contact us today for an independent plan review.

Robert Gibson
Robert Gibson,
Retirement Plan Consultant

Unbiased Perspective

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