The complaint alleges that an imprudent fiduciary process resulted in the selection and maintenance of several funds in the plan that ‘wasted assets because of unnecessary costs.’
Similar to the shift from defined benefit to defined contribution retirement plans, employees and retirees now need a plan for addressing health care costs.
According to an SEC announcement, Equitable gave investors the false impression that their quarterly account statements listed all fees paid during the period.
The defendants contest their process ensures that any fees paid by participants are reasonable and all services and investment offerings are in the best interests of the participants.
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