A lawsuit has been filed against Cisco Systems and its fiduciaries for allegedly violating ERISA regulations by not including a series of BlackRock’s target date funds as the plan’s Qualified Default Investment Alternative (QDIA). The lawsuit claims that this decision harmed participants in the plan. Cisco Systems and its fiduciaries are facing legal action for their alleged breach of fiduciary duty in managing the retirement plan. The lawsuit highlights the importance of complying with ERISA regulations to protect the financial interests of plan participants.
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https://www.pionline.com/courts/cisco-systems-defeats-401k-lawsuit-about-blackrock-target-date-series