Jerry Schlichter is 2 and 0 before the Supreme Court with his fiduciary breach cases, and he was handed another win last week when representing plaintiffs in Hughes v. Northwestern University. The high court found that it was wrong for a lower court to dismiss the case and its duty to monitor the argument. It’s now remanded back to the Court of Appeals, which had affirmed the lower court’s decision. Whatever happens from here, we know it will mean a lot more business for Schlichter and his firm.
Target Date Solutions CEO Ron Surz is out with a piece titled “The $3 Trillion Gamble Fiduciaries Are About to Regret,” in which Surz argues that target-date funds are way too risky, especially for those five years or less from retirement. The fact that we’re constantly told we all have to remain invested in equities longer due to increasing longevity only confused the situation and led to quite a bit of debate over his views.
Lastly, managing editor Brian Anderson is out with the best and worst states to retire. A certain Sunny state takes the top spot, while—little surprise—the northeast takes a hit.
It’s all in this week’s 401k Market Minute.
Last Weeks market Minute –
401k Market Minute: Auto Portability’s Big Boost, Gensler’s Grace Under Pressure, and More
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
