110
HARRIS TRUST AND SAV. BANK Opinion of the Court
The Department of Labor recognizes that ranking free funds as "plan assets" would secure "added legal protections against losses by pension plans, because ERISA imposes restrictions not currently provided by contract and insurance law." Brief for United States as Amicus Curiae 25-26. But the Department warns that
"the disruptions and costs [of holding insurance companies to be fiduciaries under participating group annuity contracts] would be significant, both in terms of the administrative changes the companies would be forced to undertake (e. g., segregation of plan-related assets into segmented or separate accounts, and re-allocation of operating costs to other policyholders) and in terms of the considerable exposure to the ensuing litigation that would be brought by pension plans and others alleging fiduciary breaches." Id., at 25.
These are substantial concerns, but we cannot give them dispositive weight. The insurers' views have been presented to Congress 18 and that body can adjust the statute. See Burnet v. Coronado Oil & Gas Co., 285 U. S. 393, 406 (1932) (Brandeis, J., dissenting); Di Santo v. Pennsylvania, 273 U. S. 34, 42 (1927) (Brandeis, J., dissenting). Furthermore, the Department of Labor can provide administrative relief to facilitate insurers' compliance with the law, thereby reducing the disruptions it forecasts.
* * *
For the reasons stated, the judgment of the Court of Appeals for the Second Circuit is
Affirmed.
18 See App. to Brief for Petitioner 19-64 (listing the hundreds of individuals and organizations, including insurance industry representatives, testifying before Congress during deliberations on ERISA). Insurance industry representatives have constantly sought amendment of ERISA to exempt all general account assets. See Brief for Certain United States Senators as Amici Curiae 13-14.
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