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Suit Alleges Excessive Fees, Imprudent Investments in Insperity 401(k) Plan Sold to Employers
Pensions & InvestmentsLink to more items from this source
Dec. 24, 2015

"[P]articipants in an Insperity 401(k) plan sold to small- and midsized employers [have] alleged the company and its subsidiaries charged 'excessive' record-keeping fees and made other fiduciary breaches of ERISA. The complaint ... also alleges that Reliance Trust Co., the discretionary trustee for the plan, breached its fiduciary duties by allegedly making 'imprudent' investment decisions.... The suit cites only the $2.05 billion 401(k) plan sold to employers by Insperity ... The plaintiffs are four participants in this plan for Insperity clients, but the clients aren't identified in the complaint. The lawsuit does not affect Insperity's $208.6 million plan for its own employees, the Insperity Corporate 401(k) plan."

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