A unanimous Supreme Court ruled on Monday that employers can be sued if they fail in their “continuing duty to monitor” mutual funds in 401(k) accounts for unnecessarily high fees.
The decision, which specifically addressed high-fee mutual funds,
expands the responsibility of plan administrators to offer competitively priced
mutual funds and other financial products to their workers.
That move could boost the total return for millions of
employees by tens-of-thousands of dollars over their working lifetime.
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