TIAA to Face Retirement Rollover Advice Suit as a Non-Fiduciary

Retirement investors who say TIAA pushed them from low-fee plans and into expensive alternatives are moving forward with claims seeking to hold the company liable as a non-fiduciary under ERISA.

Teachers Insurance & Annuity Association of America may be subject to liability under the Employee Retirement Income Security Act for knowingly participating in the alleged misdeeds of its retirement plan sponsor clients, Judge Katherine Polk Failla said in an opinion docketed Monday in the US District Court for the Southern District of New York.

The investors adequately alleged that the employers sponsoring their retirement plans—which aren’t parties to the litigation—breached ...