The organization requested the department reconsider its decision to rescind prior guidance, which it stated could slow the adoption of annuities in retirement plans.
The asset class, currently being pushed as a retirement plan investment by the asset management industry, can tie up money longer than public equities.
The plaintiffs accuse the company of excessive recordkeeping fees and managed account charges, poor-performing funds and using forfeitures to offset employer contributions.
Three plan participants alleged 75% of the retirement plan’s $1.6 billion in assets under management was invested in poor-performing, low-rated, proprietary investments.