Supreme Court Ruling on 401(k) Plans Will Help Boost Retirement Security, Says Edelman
For Immediate Release
February 20, 2008
Media Contact:
Mark Bagley
mbagley@RicEdelman.com
703-227-0541
WASHINGTON, Feb. 20 — Today’s Supreme Court decision allowing individual participants in 401(k) retirement plans to sue plan administrators was welcomed by nationally recognized financial planner and best selling author Ric Edelman.
The Supreme Court’s unanimous decision, which overturned a ruling by the 4th U.S. Circuit Court of Appeals, could apply to any of 50 million U.S. workers who invest in 401(k) plans administered by their employers. Today’s ruling permits individuals to file lawsuits to recover losses they allege were caused by misconduct by plan administrators.
“This is a huge win for American workers, consumers and investors,” said Edelman. “For years, the retail mutual fund industry has been charging workers unacceptably high fees, and now they can be held accountable for their actions. By allowing workers to ‘have their day in court’ fees will ultimately come down dramatically, which will help boost retirement security for millions of Americans.”
Edelman is founder and chairman of Edelman Financial, which manages nearly $4 billion in assets for thousands of individuals and families nationwide. Barron’s in 2007 rated Edelman as the No. 2 independent financial advisor in the nation. Edelman is the author of six books on investing and personal finance, including the current best seller, The Lies About Money. He hosts The Ric Edelman Show, broadcast nationwide on the ABC Radio Networks, and writes a syndicated newspaper financial advice column.
Edelman Financial is a marketing name for two affiliated registered investment advisers. Edelman Financial Services LLC primarily serves the Washington D.C. area; Edelman Financial Advisors LLC serves clients nationwide via its own advisors and unaffiliated registered investment advisers. Sanders Morris Harris Group (Ticker: SMHG) is majority owner of EFS. Ric Edelman is majority owner of EFA and minority owner of EFS.
Barron’s cover story “Top 100 Independent Financial Advisers,” August 27, 2007 (compiled by independent financial industry researcher R.J. Shook, based on assets under management, advisor’s contributions to the firm’s revenues and profits, quality of service, and client satisfaction).
Rescue Your Money, written by award-winning financial advisor Ric Edelman, is your personal investment recovery plan.
