The plan sponsor fiduciary and co-fiduciary advisor to a $25 million 401(k) plan are being sued in U.S. District Court for the Southern District of Ohio for allegedly offering high-cost, low performing investment options to plan participants.
The Checksmart Financial 401(k) plan, sponsored by Dublin, Ohio-based Checksmart Financial, which operates retail pay loan stores in eight states, had more than 2,500 participants in plan year 2014, according to Form 5500 data on Brightscope.com. Only about 1,700 of those participants had account balances.
According to court documents, Pagle Helterbrand, whose LinkedIn page says is the company’s senior vice president of human resources with more than 25 years at Checksmart, is the lone plan sponsor fiduciary, and was the lone member of the investment committee to the plan.
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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.
