Add Oracle Corp. to the queue of mega plan sponsors accused of ignoring their fiduciary obligation to 401(k) plan participants.
Allegedly, participants in the tech giant’s 401(k) plan, which held more than $12 billion in assets at the end of 2014, paid recordkeeping and administrative fees that were “multiples of the market rate for the same services,” according to a complaint filed in U.S. District Court for the District of Colorado.
Plan fiduciaries also engaged in transactions “expressly” prohibited by the Employee Retirement Income Security Act, according to court documents.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
