Fiduciaries at three of the nation’s most elite universities have been sued for imprudently managing retirement assets in defined contribution plans.
Related: Top 10 ERISA settlements
Participants in New York University’s and Yale University’s 403(b) plans, and participants in the Massachusetts Institute of Technology’s 401(k) plan, paid excessive recordkeeping and fund management fees, among other allegations in the complaints, which were filed independent of one another in three separate federal courts.
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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.
