Skip to main content
MENU
Subscribe
  • Subscribe
  • Account
  • LOGIN
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE Act 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2022 Innovation Investing Conference
    • 2022 Defined Contribution East Conference
    • 2022 ESG Investing Conference
    • 2022 DC Investment Lineup Conference
    • 2022 Alternatives Investing Conference
Breadcrumb
  1. Home
  2. DEFINED CONTRIBUTION
August 22, 2016 01:00 AM

Universities rebut critics of retirement plan management

Robert Steyer
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print

    Many universities sued in a recent string of 403(b) plan lawsuits are responding emphatically to criticism of their retirement plan management.

    A response from Northwestern University characterized the claims as “baseless,” adding it will defend itself vigorously. “Northwestern has carefully managed its retirement plans … and the university will continue to do so,” Alan K. Cubbage, vice president resident for university relations, wrote in an e-mail.

    Yale University has “a strong retirement plan fiduciary committee and processes in place to regularly review the performance and costs of the investment options offered,” wrote Michael Peel, Yale's vice president for human resources and administration.

    Noting the suit against Yale alleges too many investments, some inferior investments and high plan administration costs, Mr. Peel added: “We believe that these allegations are without merit and, working with our legal team, we will be responding to these allegations and intend to oppose this suit vigorously.”

    Cornell University “will vigorously defend against this litigation,” wrote John Carberry, a university spokesman. “Cornell University continues to responsibly manage its retirement plans for the greatest possible benefit to employees and retirees, and has been responsive to their interests in having a reasonable range of funds available.”

    The University of Southern California “takes its responsibilities to help our plan participants secure a strong retirement very seriously,” wrote Carol Mauch Amir, USC senior vice president and general counsel. “We will vigorously defend the university against this lawsuit.”

    New York University pledged to “litigate this case vigorously, and (we) expect to prevail,” university spokesman John Beckman wrote in an e-mail. “NYU takes seriously the welfare of our faculty and employees — very much including a dignified retirement — and the retirement plans offered to them are chosen and administered carefully and prudently.”

    Other university representatives declined to comment directly on the lawsuits.

    “Columbia is proud of the retirement benefits offered to its faculty and staff and takes its responsibility as a fiduciary seriously,” wrote Caroline Adelman, a spokeswoman for Columbia University.

    “Duke provides a range of options that give employees flexibility in designing retirement plans to meet their individual needs,” wrote Michael Schoenfeld, Duke University's vice president for public affairs and government relations.

    “These investments are reviewed and carefully managed in accord with federal law to provide low costs and good outcomes for our employees,” he added. “We will continue to commit to these guiding principles.”

    Emory University defended its practice via an e-mail from spokeswoman Elaine Justice. “Through our retirement programs, we offer access to a range of investment options to provide flexibility in meeting individual needs and retirement goals,” she wrote. “We are committed to these principles and operate our retirement programs in accord with federal law.”

    Reporters James Comtois and Meaghan Kilroy contributed to this story.

    Related Articles
    Annuities an issue that won't go away soon
    New target for fiduciary lawsuits
    Annuities an issue that won't go away soon
    New target for fiduciary lawsuits
    Emory University endowment returns 1.9% for fiscal year
    UC adds collective investment trusts to its 403(b) plans
    Judge dismisses parts of Yale 403(b) suit, lets others stand
    Recommended for You
    Retirement Plans_i.jpg
    Top priority for smaller DC plans: improving financial wellness programs
    Rene Martel
    Managed accounts are coming up short, some say
    Progressive_1550_i.jpg
    Progressive removes Fidelity midcap option from 401(k) plan
    Alternatives: Investing Across the Spectrum
    Sponsored Content: Alternatives: Investing Across the Spectrum

    Reader Poll

    May 23, 2022
    SEE MORE POLLS >
    Sponsored
    White Papers
    Crossroads: Politics, Inflation, & Bonds
    Credit Indices: Closing the Fixed Income Evolutionary Gap
    Forever in Style: Benchmarking with the Morningstar® Broad Style Indexes℠
    Q2 2022 Credit Outlook: Carry On
    Leverage does not equal risk
    Is there a mid-cap gap in your DC plan?
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    May 23, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE Act 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2022 Innovation Investing Conference
      • 2022 Defined Contribution East Conference
      • 2022 ESG Investing Conference
      • 2022 DC Investment Lineup Conference
      • 2022 Alternatives Investing Conference