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Spectrum Health Is Latest to Seek 401(k) Suit Redo Under New Law

Aug. 4, 2022, 5:23 PM

Michigan’s Spectrum Health System is the latest employer to seek a fresh look at its retirement plan in the wake of a pair of Sixth Circuit decisions casting doubt on the viability of federal lawsuits challenging plan fees.

The 2021 decision declining to dismiss litigation over Spectrum’s retirement plan was based in part on the absence of a governing standard from the Sixth Circuit on how to assess fiduciary breach claims under the Employee Retirement Income Security Act, the health system said in a motion filed Wednesday. The appeals court has now weighed in, and its newly announced standard requires ...