Managing 401(K) Plans

The Department of Labor recently made its opinion known once again that plan fiduciaries are responsible for ensuring that plan fees are reasonable. This time, Secretary of Labor Elaine L. Chao filed an amicus brief in the case of Heeker v. Deere & Co., asking the U.S. Court of Appeals for the Seventh Circuit to overturn a federal trial court’s dismissal of a lawsuit by 401(k) plan participants who alleged the plan’s fiduciaries breached their duties by paying excessive and unreasonable fees to the plan’s service providers.