In the Margins

Fee lawsuits have 'tremendous impact' on 401(k) market

September 26, 2017

By InvestmentNews

On Sept. 11, 2006, personal injury lawyer Jerome Schlichter filed a flurry of lawsuits against major corporations, alleging their 401(k) plans had high fees that harmed employees. It's a moment that forever changed the 401(k) plan market, and such litigation has proliferated in the 11 years since those original lawsuits. "It's had a tremendous impact," said Sean Deviney, the director of retirement plan consulting at Provenance Wealth Advisors. "It brought awareness to the fees being charged in plans and a sense of urgency for [employers'] retirement plan committees to really take their jobs seriously." Read the original story from InvestmentNews.

 

 

Most Read

Top of the Agenda - Industry Groups
MFDF's Susan Wyderko to retire in 2020

Susan Wyderko will retire from her position as president and CEO of Mutual Fund Directors Forum in the fall of 2020. When she steps down next ...