Wake Forest Baptist sued over fees in $ 2 billion retirement plan

Three former employees of Wake Forest University’s Baptist Medical Center accuse the academic institution of improperly managing its $ 2.3 billion retirement plan by filling it with expensive investment options and charging excessive administration fees, like one in federal court in North Carolina filed complaint shows.

The proposed class action lawsuit, filed in the US District Court for the Middle District of North Carolina on June 4, claims the plan offers a range of mutual funds with expense ratios far above other similarly sized pension plans. And plan trustees failed to get the cheapest share classes available …

Comments are closed.