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Philips North America Agrees to Pay $17 Million, Make 401(k) Reforms to Settle Fiduciary Breach Case
Pensions & Investments
May 17, 2018 "Among the non-monetary terms, Philips will: [1] Hire a consultant to review the 401(k) plan investment lineup to recommend if the plan should keep the money market fund or add a stable value 'or comparable fund.' [2] Issue an RFP within 18 months of the settlement for a record keeper.... [T]he fee for basic record keeping shall not be based on a percentage of plan assets.... [3] Consider offering collective investment trusts ... and consider offering the lowest-cost share class available for any mutual fund considered for inclusion in the plan." MORE >> |
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