Todd Hughes, JD, Director, ERISA and Vendor Services, was recently quoted in a DETROIT FREE PRESS article “Would you know if you are paying too much in fees with your 401(k)?”. Todd explains how excessive fee lawsuits have increased concerns about conflicts of interest and the lack of transparency in the retirement plan management industry. Click to read the full article in the DETROIT FREE PRESS and learn more about the need for fee transparency – not only to help avoid lawsuits but to also help participants minimize extra costs.
We’re now one month into 2016, and on pace to see more excessive fee lawsuits this year than in any previous year. Schlichter, Bogard & Denton out of St. Louis has filed yet another law suit against a retirement plan sponsor for imprudently selecting and retaining poorly performing mutual funds, allowing participants to be charged excessive record keeping fees, and prohibited transactions between the plan and a party in interest.Continue reading