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Retirement Plan Sponsor Sues Adviser, Alleging Failure to Advise Plan of Amendment Implications
PLANSPONSOR; registration may be required 
Apr. 4, 2024 "Great Lakes Management Co. is suing its retirement plan consultant and retirement plan adviser USI Consulting Group Inc., alleging the firm negligently counseled the retirement plan to change plan contributions to a safe harbor and true-up that caused it to contribute nearly $100,000 over two years.... Great Lakes Management claims USI Consulting Group owed a duty to advise the plan of the implications -- including the cost to the company -- of the amendments, particularly the true-up." [Great Lakes Management Co. v. USI Consulting Group, Inc., No. 24-1093 (D. Minn. complaint filed Mar. 28, 2024)] |
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