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Fidelity Settles Lawsuit with Own Employees Over 401(k) ERISA Allegations
The Lowenbaum Partnership and FRA PlanTools Link to more items from this source
Aug. 12, 2014
"[The] settlement agreement provides for $12 million to be paid to the class and for .. affirmative relief [including]: [1] The Plan will make available a wide selection of both Fidelity and non-Fidelity mutual funds.... [2] Fidelity is increasing auto-enrollment for eligible employees from 3% to 7% of eligible compensation, and will default current participants who are currently deferring below 7% to 7% of eligible compensation. Fidelity will apply its match to those increased contributions. [3] The Plan shall provide that revenue sharing attributable to non-Fidelity mutual funds shall be credited to participants in the same way as revenue attributable to Fidelity mutual funds and collective trusts pursuant to the 8th amendment to the 2005 restatement of the Plan is credited to participants."

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