Whether pleading an ERISA claim requires allegations showing that a performance benchmark is a sound basis for comparison for an investment

Under the Employee Retirement Income Security Act (ERISA), retirement plan fiduciaries have a duty to remove imprudent investments from their plan within a reasonable time. Hughes v. Nw. Univ. , 595 U.S. 170, 176 (2022). In deciding whether a complaint adequately pleads an claim, “courts must give due regard to the range of reasonable judgments a fiduciary may make based on her experience and expertise.” Id. at 177. The question presented is: Whether pleading an claim under ERISA, based on how the investment’s returns compared to some performance benchmark, requires allegations showing that the benchmark is a sound basis for comparison for that investment.