Michigan’s Munson Healthcare Accused of Retirement Plan Missteps

Michigan hospital system Munson Healthcare and its $397 million retirement plan drew a federal class lawsuit by plan participants who say they’re forced to pay excessive administrative fees and choose among overpriced investment options.

The plan’s annual recordkeeping and administrative fees grew from $69 per person to $120 per person over the past few years, when a reasonable fee would have been closer to $39 per person, plan participant Samuel Peck said in a complaint filed Tuesday. The plan also paid unreasonably high fees for mutual funds that were available in less expensive share classes, Peck claims.

Peck’s lawsuit was ...