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A $5.1 million settlement of a suit involving excessive fee allegations regarding a $15 billion plan with a settlement structure has been approved by the court. The History Back in June 2020, the $15 billion Costco 401(k) plan was sued in the U.S. District Court for the Eastern District of... READ MORE

As new rules about rollover disclosures kick in, a new report highlights an often unacknowledged risk of rollovers—high(er) fees. That’s right—a new report from Pew Trusts seems to have stirred up a new awareness of that issue—all this attention just as PTE 2020-02 brings the written requirement... READ MORE

After nearly a year of negotiations (though that’s a pretty short turnaound by some measures), the parties in an excessive fee suit have asked for the court’s approval on a settlement agreement struck by the parties. The plan in question—more specifically the plan fiduciaries—involved are those of... READ MORE

So, how many 401(k) accounts do you have? At the moment, I have four—one from each of the employers in my career (including this one), all except the first one (that one went for law school and a house downpayment). Apparently I’m not alone. A recent survey of Plan Sponsor Council of America... READ MORE

A federal appellate court has backed the dismissal of an excessive fee suit, rejecting the notion that offering actively managed funds—even those with disappointing performance—by itself doesn’t support allegations of a fiduciary breach. Interestingly enough, it’s the first such appellate court... READ MORE

There’s a battle brewing in Battle Creek about excessive recordkeeping and managed account fees. Bradley H. Fleming, a former accountant at Kellogg’s, has sued his former employer, the Kellogg Co., its board of directors, its ERIA finance committee and its ERISA administrative committee claiming... READ MORE

It’s been said that there remains more that unites us than divides us—but that’s not how it feels most days.  However, such times are not all that unusual for this diverse nation. Indeed, if today’s battle lines do seem harsher and more extreme, my sense is that it’s only because they are... READ MORE

The latest academic “dig” against 401(k) plans? Vesting schedules. More specifically, firms with a combination of high turnover and vesting schedules, which means that workers are leaving behind employer contributions. Or, in the parlance of these new critics, being “robbed.”  I stumbled across... READ MORE

A federal judge has dismissed an excessive fee suit involving a $7.8 billion 401(k) plan, accepting the argument that the participant-plaintiff wasn’t even invested in the funds in question. Mind you, as we’ve noted previously, the legal standard to survive a motion by defendants to dismiss a suit... READ MORE