ERISA

While the Employee Retirement Income Security Act (ERISA), which regulates private employer retirement plans, does not apply to state and local government retirement plans--a fiduciary duty does. A lower court determining the precise nature of the fiduciary duty state and local governments owe employees under a state law similar to ERISA regulating public retirement plans may look to the Supreme Court’s opinion in Tibble v. Edison International.  In this case the Court held unanimously that employers have a continuing duty to monitor retirement investments and remove imprudent ones.   

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