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The Watered-Down Benchmark in the U.S. Bancorp Excess Fee Case
Encore Fiduciary 
[Opinion] Apr. 5, 2024 "A meaningful benchmark in an excess recordkeeping fee case would be a reliable, national benchmark of what all similarly-sized plans pay for services -- not fees from a few random plans. And any such benchmark would show that $29 is a reasonable recordkeeping for a jumbo defined contribution plan. The U.S. Bancorp case is yet another excess imprudence fee case against a plan with a low-cost investment and administrative fee structure. It is an excess fee case against a plan without excess fees." [Dionicio v. U.S. Bancorp, No. 23-0026 (D. Minn. March 21, 2024)] |
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