Pension Termination Advice Suit Proceeds Against Aon, Alight

Aon Hewitt Investment Consulting Inc. lost a round in a lawsuit claiming it botched a hospital pension plan termination, when a Florida federal judge ruled that the company acted as a fiduciary under the Employee Retirement Income Security Act when it implemented the plan termination.

Foundation Resolution Corp., which in 2014 hired Aon to terminate the Citrus Memorial Health Foundation Inc. pension plan, is entitled to summary judgment on the question of Aon’s fiduciary status, because Aon marketed itself as a fiduciary, contractually agreed to fiduciary status, and charged asset-based investment fees, according to a ruling from Judge James S. ...