Lawsuit a Warning That Small 401(k)s Should Hire Expertise
Participants in the Emerald Coast Eye Institute (ECEI) 401(k) plan have filed a lawsuit alleging that the company and its founder Samuel Poppell breached their fiduciary duties of prudence under the Employee Retirement Income Security Act (ERISA) by not properly diversifying investments. Poppell selected and controlled investments in the plan, and plan participants did not have authority to choose how their assets were invested. According to the complaint, he chose to signifi