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Nestle sued over 401(k) plan

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Nestle is the latest target of ERISA litigators and is being sued 0ver excessive administrative fees.

 

The Nestle Plan has more than 39,000 participants and approximately $4.2 billion in assets.

 

The complaint in the suit alleges that the plan’s expenses equal to $60 a head, about double what should be charged for a plan of that size. The lawsuit also attacks the use of managed accounts, but the complaint cites a lack of actual knowledge on specifics concerning the plan’s decision-making process.

 

We will see how it plays out.

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