Bloomberg Law
April 15, 2021, 8:08 PMUpdated: April 16, 2021, 3:28 PM

Kimberly-Clark Latest Employer Hit With 401(k) Fee Lawsuit (1)

Jacklyn Wille
Jacklyn Wille
Legal Reporter

Two participants in Kimberly-Clark Corp.'s $4 billion retirement plan filed a proposed class action Thursday, telling a federal judge in Dallas that the plan pays excessive administrative fees that drain workers’ retirement savings and are out of line with the broader retirement industry.

Instead of relying on a single retirement plan service provider, Kimberly-Clark allegedly “cobbled together services from many providers,” which the participants say “often leads to a duplication of services and higher fees with no additional benefit.” The company failed to adequately monitor the fees being charged by its service providers, and they failed to regularly solicit quotes ...