Confero Summer 2013: Issue 3 | Page 4

Publisher’s Letter In our recurring interview feature 9½ Questions, we have a practical and real-world discussion with Sean Patton, one of the founding partners at Westminster Consulting about his approach on the Tibble v. Edison court case when discussing its impact on his clients. Sean discusses why it’s important for plan sponsors to be aware of this case and what they can do to stay away from finding themselves on the right side of the “v” in the event of a challenge. Our cover story by Angel L. Garret of Trucker Huss, APC, provides us with excellent context of the case and leaves the reader with practical and actionable lessons to be learned. In March of this year, the court case Tibble vs. Edison The article, A Sea of Change in Fixed Income, talks about International (Tibble v. Edison Int’l, No. 10-56406 (9th how the exit strategy of accommodative monetary policy is Cir. 2013) made headlines within our industry. Since the scaring the fixed income market. case dealt with a number of important topics plan sponsors should be aware of, we’ve dedicated this issue of confero to both the case and topics it addresses. Angel Garrett in our feature article says, “In its detailed decision, the court addressees a myriad of issues that are essential for plan fiduciaries in understanding how to limit and avoid liability under the Employee Retirement Income Security Act of 1974 (“ERISA”) going forward.”. We open this quarter’s edition with an article by Diana K. Powell, Esq. on the core tenets of fiduciary responsibility and governance. This is an excellent refresher and review of the responsibilities that fiduciaries shoulder under ERISA and a well-positioned preface to the viewpoints and considerations around Tibble v. Edison. 2 | SUMMER 2013 Finally, Eric Paley, with a clever reference to Star Trek’s 15th episode of its second season, “The Trouble with Tribbles”, provides his thoughts on the case with his The Trouble with Tibble article. “…to my mind, Tibble v. Edison International isn’t about willful ignorance. It’s about sheer ignorance.” We hope you enjoy this issue and we continue to appreciate your comments and support in our mission to provide timely and valuable information from a variety of sources to you our clients and friends. Tom & Sean