Minnesota hospital system North Memorial Health Care is accused of mismanaging its $465 million 401(k) plan by filling it with overly expensive investments and failing to rein in administrative fees, according to a proposed class action filed in federal court.
The North Memorial plan paid recordkeeping and administrative fees of $181 per person in 2019, which is “more than three times the recent national median,” plan participants Kathleen Keller and Crystal Smith alleged in a July 15 complaint.
The lawsuit, filed in the US District Court for the District of Minnesota, also challenges the fees charged by the plan’s investment ...
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