Back to School – Three Years Later: An Update on University Retirement Plan Litigation
Recent Developments in Business and Corporate Litigation, 2020 Edition
The American Bar Association’s (ABA’s) Business Law Section has published the 2020 edition of its annual compilation Recent Developments in Business and Corporate Litigation. Analysis Group Managing Principal D. Lee Heavner coauthored, with Lisa S. Brogan, “Back to School – Three Years Later: An Update on University Retirement Plan Litigation,” a section of the chapter on ERISA litigation. This entry reviews their past contributions to the compilation, which traced the history of 401(k) and 403(b) retirement plans and provided an overview of ERISA cases filed against universities alleging breach of fiduciary duties with respect to these plans.
In the new chapter, Dr. Heavner and Ms. Brogan explore developments from 2019 that offer clues as to whether courts will measure fiduciaries’ duties of loyalty and prudence in the context of 403(b) plans, or will instead treat them as 401(k) plans. In addition to revisiting the one case that has gone to trial and others that have been dismissed, they examine several noteworthy settlements from 2019, as well as significant activity in the US District Court for the Southern District of New York. From the orders and opinions in these cases, the authors analyze the trends and issues that continue to evolve around university retirement plans.
Recent Developments in Business and Corporate Litigation, 2020 Edition is available for sale on the ABA’s website.
Brogan L, Heavner D