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Lawsuit: DC Plans More Vulnerable to ERISA Litigation Than DB Plans
Lawyers taking aim at a company’s retirement savings plan say firms with 401(k)s should expect to be sued more than those with traditional pensions.
Defined contribution (DC) retirement plans are far more susceptible to Employee Retirement Income Security Act (ERISA) lawsuits than defined benefit (DB) plans, lawyers argue in a lawsuit filed against The Wesco Distribution Inc. Retirement Savings Plan.
“The potential for imprudence is much greater in defined contribution plans than in defined benefit plans,” said the lawsuit.
The complaint, which alleges Wesco neglected its fiduciary duties by allowing excessive fees, said that companies with DC plans are much more likely to be sued than companies with DB plans because of the way they’re structured. Lawyers for participants of the Wesco retirement plan, who were from the law firms of Chimicles Schwartz Kriner & Donaldson-Smith and Franklin D. Azar & Associa
Wesco 401(k) participants sue over record-keeping fees
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Participants in a 401(k) plan offered by Wesco Distribution Inc., Pittsburgh, Pa., have sued the company and plan fiduciaries alleging violations of their ERISA duties.
They alleged the plan executives allowed unreasonable and excessive record-keeping fees, according to the complaint filed March 26 in U.S. District Court in Pittsburgh in the case of Mator et al. vs. Wesco Distribution Inc. et al.
They accused the defendants of failing to take standard and customary actions to understand the market for record-keeping services in order to monitor for reasonableness of the fees that were charged.