Tess Gee commented on issues currently affecting fiduciaries of plans governed by ERISA during an American Bar Association Employee Benefits Committee meeting. Regarding excessive fees cases, which have been the subject of much litigation, Gee said pleadings will be carefully scrutinized for a connection between a defendant's fiduciary status and the actions giving rise to the alleged breach. The buzzword for 401(k) investment providers setting fees was "disclose, disclose, disclose," she said. Gee added that "dozens" of excessive fee suits have been filed in the past year and defendants must be careful since their go-to statute of limitations defense was less viable after the U.S. Supreme Court's decision in Tibble v. Edison Int'l.

This article also appeared in BNA's Tax Management Weekly Report and Pensions & Benefits Daily.