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 survey from TacticalMind AI found 69% of advisors say a high-quality AI platform that makes investment recommendations and constructs portfolios is worth $500 monthly, while research-only tools are valued closer to $250.
The alts tech provider's latest integration lets advisors query fund data and surface portfolio insights without leaving their primary workspace.
The regulator is scrutinizing how some firms oversee concentrated positions in complex "worst-of" notes – and wants answers.
Meanwhile, Carson Group fully integrates a decades-old practice in Phoenix, Arizona, and Triad Wealth touts its 5x growth to hit a $2 billion milestone.
Matt Gellene shares the bank’s latest research on how young adults are managing their finances.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
