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.