Koch Industries, the parent of Georgia-Pacific, Infor and other companies, is being sued for allowing the record keeper of its 401(k) and other defined-contribution plans to charge fees that plaintiffs contend are excessive, according to a complaint filed in federal court in Atlanta.
As reported by Pensions & Investments, the class action charges that Koch Industries breached its fiduciary responsibilities as administrator of the $8.1 billion Koch Companies Defined Contribution Master Trust, which serves about 60,000 participants, by failing "to prudently and loyally monitor and control" the expenses incurred by the plans’ record keeper, Alight Solutions. Alight was not named in the lawsuit.
[More: 401(k) lawsuits keep piling up]
The complaint further said that Alight charged “up to six times more than what similarly sized plans would have paid for such services” and that these actions cost the plans and their participants “millions of dollars in excessive fees.”
The plaintiffs, David Kinder and Tracy Scott, are residents of Arkadelphia, Arkansas. One is a participant and the other a former participant in the Georgia-Pacific Hourly Plan.
A Texas-based bank selects Raymond James for a $605 million program, while an OSJ with Osaic lures a storied institution in Ohio from LPL.
The Treasury Secretary's suggestion that Trump Savings Accounts could be used as a "backdoor" drew sharp criticisms from AARP and Democratic lawmakers.
Changes in legislation or additional laws historically have created opportunities for the alternative investment marketplace to expand.
Wealth managers highlight strategies for clients trying to retire before 65 without running out of money.
Shares of the online brokerage jumped as it reported a surge in trading, counting crypto transactions, though analysts remained largely unmoved.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
