Pension Plans, Fiduciary Duties and the Thorny Question of Disclosure

Abstract

Pension trusts have caused courts to fundamentally rethink trust law principles. In the author’s view, more rethinking is called for, particularly with regard to the thorny issue of disclosure. What rights should plan members have to obtain information about the management of their employment pension plans? In exploring the answer to that question, this article examines the differences between pension trusts and traditional trusts, and builds on the different approaches currently taken to a beneficiary’s right to disclosure. The article concludes with a suggested framework for the resolution of disclosure disputes in respect of pension trusts, one that recognizes their unique location at the highly regulated intersection of the law governing fiduciaries, contracts, employment and trusts.