Does an employer have a fiduciary obligation to communicate to retirement plan participants and beneficiaries?

We held in Bins v. Exxon Company, U.S.A., 220 F.3d 1042 (9th Cir. 2000) (en banc), that when an employer-fiduciary begins to give "serious consideration" to an amendment of a retirement or severance program, it has a fiduciary obligation to communicate with plan participants and beneficiaries. It need not volunteer information, but when asked a question by a participant or beneficiary "the employer's fiduciary duty is to respond completely and truthfully about the present state of affairs -that is, whether serious consideration has begun." Id. at 1053. In that circumstance, the employer-fiduciary must "communicate the potential amendment accurately and straightforwardly." Id. at 1048.