The rise in lawsuits is prompting more sponsors to turn to lower-cost index funds—and could prevent them from offering lifetime income products.
Tag: excessive fees
While some claims were dismissed, others were moved forward.
For someone making $90,000 a year, that would jump to $277K, America's Best 401k says.
In the new complaint, participants attempt to offer more evidence for claims that were dismissed in another pending lawsuit.
The participant only prevailed in moving forward a claim that Verizon allowed an imprudent investment option to continue to be offered in its retirement plans.
An excessive fee lawsuit has been filed against fiduciaries of the Novitex Enterprise Solutions Retirement Savings Plan, a 401(k) plan which had more than $157 million in assets as of the end of 2015.