Presumption without Prudence: Replacing Moench v. Robertson with a Prudent When in Doubt, Don't Standard for ESOP and 401(K) Company Stock Fund Fiduciaries · University of Wisconsin Law School Digital Repository · University of Wisconsin Law School Digital Repository

Presumption without Prudence: Replacing Moench v. Robertson with a Prudent When in Doubt, Don't Standard for ESOP and 401(K) Company Stock Fund Fiduciaries

This Comment addresses the duty of prudence fiduciaries owe employees who invest in company stock under the Employee Retirement Income Security Act (ERISA). It suggests that the fiduciary-friendly presumption of prudence announced by Moench v. Robertson is ineffective because it cannot be reconciled with Congress's intent that ERISA protect and grow employees' retirement savings, which have been devastated by fiduciary imprudence. This Comment concludes that Moench should be replaced by a standard that returns to the prudent person standard Congress outlined in ERISA.