Chairman Miller Welcomes Supreme Court Decision on 401(k) Plans

Wednesday, February 20, 2008

WASHINGTON, DC -- U.S. Rep. George Miller (D-CA), chairman of the House Education and Labor Committee, issued the following statement today on the U.S. Supreme Court’s unanimous ruling allowing individual 401(k) plan participants to sue plan administrators for breaching their fiduciary duties.

“Today’s Supreme Court decision is welcome news. With more and more Americans relying on 401(k) plans to pay for retirement, it is critical that the companies that administer 401(k) plans always act in the best interests of plan participants. American workers and retirees should have the right to seek justice when their trust is violated by the very companies that manage their hard-earned retirement savings, and thanks to today’s decision, they now have that right.”

The Education and Labor Committee has jurisdiction over pension issues.

FOR IMMEDIATE RELEASE
Contact: Tom Kiley / Rachel Racusen
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202-226-0853