RiXtrema announced on Thursday that it has updated its 401kFiduciaryOptimizer 2.0 tool with a plan monitor function to help advisors and broker-dealers monitor retirement plans for compliance with the Supreme Court's Tibble v. Edison decision.
In 2015, the Supreme Court ruled in Tibble v. Edison that retirement plan sponsors had an ongoing duty to monitor investments in 401(k) plans. The case was initially filed in 2007 when plan beneficiaries sued Edison International for breaching its fiduciary responsibility.
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On Aug. 16, Judge Stephen Wilson of the U.S. District Court for the Central District of California reaffirmed the Supreme Court's decision.
"Ten years after the initial filing in a Los Angeles federal court, the Supreme Court recently ruled that a fiduciary must monitor 'at regular intervals' and make decisions with the same vigor as if it was the decision to first admit a fund into the plan," RiXtrema President Daniel Satchkov said in a statement. "This further raises the bar in terms of plan fiduciaries' responsibility to plan participants."
