Justices Again Eye ERISA Challenges to 401(k) With Parent Stock

March 23, 2021

The U.S. Supreme Court asked Phillips 66’s retirement plan committee to respond to a petition challenging the plan’s billion-dollar investment in ConocoPhillips stock, signaling at least one of the justices on the court may be interested in wading into the dispute.

This is the second time this year the Supreme Court has indicated a desire to review 401(k) plans that allow workers to hold the stock of a former parent company.

The justices’ request, issued Monday, comes one week after the committee waived its right to respond to a petition filed by plan participant Jeffrey Schweitzer. He seeks to hold...