Coca-Cola Bottlers Association Faces ERISA Lawsuit
Plaintiffs allege missteps by 401(k) plan fiduciaries cost participants millions of dollars in retirement savings.
The Coca-Cola Bottlers’ Association (CCBA) is being sued by participants in its multiemployer 401(k) retirement savings plan who claim the fiduciaries breached their Employee Retirement Income Security Act (ERISA) duties by offering “limited, imprudent investment options and excessive and improper fees.”
The CCBA’s 401(k) Retirement Savings Plan covers all 65 independent Coca-Cola bottlers in the US and serves approximately 19,000 participants. It had roughly $800 million in net assets as of the end of 2019, and is estimated to be in the top 0.1% of all 401(k) plans based on size of both plan assets and the number of participants.
Another MEP targeted in 401(k) litigation, health care system sued
The Coca-Cola Bottlers Association this week was sued over fees and investments in its multiple employer plan. Former participants in a terminated 403(b) sponsored by a health care system also filed claims.
February 4, 2021 2 MINS
A participant in a multiple employer 401(k) available through the Coca-Cola Bottlers’ Association claims in a new lawsuit that excessive administrative and investment fees have eroded millions of dollars in savings within the plan.
The case is different from a 401(k) lawsuit brought last year against the largest U.S. Coca-Cola bottler. Instead, the new litigation targets the MEP used by 65 independent bottlers, representing at least the fifth such plan that has been sued over fiduciary claims in recent months.