Your 401(k) Fees Could Be Impacted By A Supreme Court Hearing Today
Our 401(k) Plans are very precious to most of us and we don't want them to be tampered with. However, today, the U.S. Supreme Court hearing could impact your savings. Tibble vs Edison is the class action lawsuit that is to be heard today, March 31, 2015 that could cut out excessive fees to your 401(k).
Every company that participates in a 401(k) plan for their employees is to have "fiduciary responsibility" to act in their employees best interest, under the ERISA (Employee Retirement Income Security Act).
There have been many law-suits filed concerning 401(k) plans across America. If the court rules on the side of the employees, this will signal to the employer that they have a responsibility to use their buying power to get the best deal for their participants of their 401(k) plans.