Ahead of a class action retirement lawsuit which will take place in May, documents filed by the case’s plaintiffs suggest that Yale had knowledge of high recordkeeping fees and did not have sufficient oversight over plan fees and investments.
Plan provisions and advice tools can help participants turn their savings into reliable retirement income.
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During PLANSPONSOR’s 2021 “What’s on the Minds of Plan Sponsors” virtual conference, speakers discussed how they are offering retirement income to their participants.
Leidos, a defense, aviation, information technology (IT) and biomedical research company, has found there are numerous benefits of having its retired employees keep their money in the plan, said Beth Pattillo, director, retirement programs, at the company. “For the participants, there are a lot of benefits,” she said. “They can continue to get low-cost advice solutions, including our managed account, and can enjoy our low recordkeeping fee, all while having access to a diversified portfolio of investments. Our investment committee is fully engaged and educated, and they have access to an investment adviser.”