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M&T Bank Retirement Plans Case

Participants in the M&T Bank’s retirement plans have alleged that the plans’ fiduciaries and multiple companies that provided M&T funds unfairly promoted proprietary investment options at the expense of plan performance. The lawsuit introduces the allegations by first addressing a company’s position with regard to defined contribution plans, citing greater potential for imprudence in that regard, as the participants’ benefits are limited to the value of their own retirement plan accounts, whereas, with defined benefit plans, a company bears the risks related to fees and investment underperformance as the employer is responsible for ensuring a participant’s fixed monthly pension payment.

www.planadviser.com; May 16, 2016.