International Paper - PLANSPONSOR.com

Case 3:06-cv-00703-DRH-CJP Document 2 Filed 09/11/2006 Page 42 of 52178. Plan fiduciaries, including the Defendants, have not told Plan participants, andPlan participants do not know:a. the “annual operating expenses” of the investment options in the Plans, asrequired by 29 C.F.R. §2550.404c-1(b)(2)(i)(B)(2)(i); andb. the actual expenses incurred with respect to their respective individualaccounts, as required by 29 C.F.R. §2550.404c-1(b)(2)(ii)(A).179. As a result of the Defendants’ failure and refusal to provide such information, andthe general failure on the part of the Plans’ fiduciaries to disclose the Plans’ actual expenses,including available revenue sharing, the participants have not been provided with “theopportunity to obtain sufficient information to make informed decisions with regard toinvestment alternatives available under the plan.” 29 C.F.R. §2550.404c-1(b)(2)(i)(B).180. Because the Defendants failed and refused to provide them with this information,and concealed this information from them, the participants have lacked the informationnecessary to understand and protect their interests in the Plans and/or to have knowledge of theDefendants’ breaches of fiduciary duty.181. In fact, in their fiduciary roles, Defendants are the parties with the informationnecessary to know and understand whether the participants’ rights and protections under ERISAare being, or have been, violated.182. ERISA fiduciaries, such as Defendants here, have an affirmative obligation toprovide full and accurate information to the Plans’ participants regarding the administration ofthe Plan.183. A fiduciary’s silence and/or non-disclosure in the face of such a duty to disclose isequivalent to an affirmative misrepresentation.42