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Santomenno

Sometimes life isn’t fair…for a fiduciary.

October 8, 2014 by admin

 

Sometimes the law isn’t fair.

But sometimes, it seems unfair because you don’t know the rules.

In the recent case of Santomenno v. John Hancock, poor understanding led plan sponsors to agree to terms that led to excessive fees charged by the service provider to the plan. Either the plan sponsors were unaware of what they signed up for, or the service provider duped them. On September 26, 2014, the Third Circuit Court of Appeals affirmed the District Court’s decision to grant John Hancock’s motion to dismiss, ruling that John Hancock was not a fiduciary – therefore, it was not required to watch out for imprudent or disloyal activities such as excessive fees.

[Read more…] about Sometimes life isn’t fair…for a fiduciary.

Filed Under: 401K, Blog, Castle Rock Investment Company, ERISA, Fiduciary, Industry News, Katherine Brown, Retirement Plans, Uncategorized Tagged With: Castle Rock, Castle Rock Investment Company, ERISA, Fiduciary, John Hancock, Katherine Brown, Santomenno, workplace retirement plans

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Castle Rock Investment Company, formed in 2006, is an independent woman-owned SEC-registered investment adviser located in Castle Rock, Colorado. We specialize in individual financial plans and qualified service plans.

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