If companies using on-line retirement tools aren’t careful, they may just be allowing class action attorneys the opportunity to use the courts to further refine what it means to breach one’s fiduciary duty.
“There is no upside for an employer doing everything perfectly with their retirement plan. The downside risk, however, can be huge. It’s a risk that just isn’t worth the employer taking.”
Absent any objective definition of ‘excessive’ and ‘reasonable,’ does the Conflict-of-Interest Rule have any real meaning, or is it merely another potentially lucrative cash-flow stream for class action attorneys courtesy of your friendly neighborhood government regulator?