A participant in the Novitex Enterprise Solutions Retirement Savings Plan has sued plan fiduciaries for allowing unreasonable expenses to be charged to plan participants.
The complaint calls the plan “a significant and large 401(k) plan in terms of assets, with more than $157 million in assets as of December 31, 2015 and more than 10,000 participants.” It argues that a plan of this size has “significant bargaining power and the ability to demand low-cost administrative and investment management services within the marketplace for administration of 401(k) plans and the investment of 401(k) assets.”
The lawsuit says the fiduciaries breached their duties […]
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