This case, alleging that the Caterpillar Inc. 401(k) Plan recordkeeper, AonHewitt, violated fiduciary duties when financial advice services were subcontracted to Financial Engines, has been dismissed with prejudice. As such, another complaint cannot be filed, and each party must pay their own attorneys’ fees and cost. Plaintiffs in this case alleged that AonHewitt “caused participants to pay excessive fees amounting to improper kickbacks”. AonHewitt, now Alight Solutions, was not found to be a fiduciary or having fiduciary duty to plan participants, as Caterpillar had sole authority to select and hire Financial Engines. Hewitt had no final authority or control on those fronts.
www.plansponsor.com; December 3, 2018.
www.pionline.com; December 3, 2018.