Advantage Solutions Sued by Former Worker Over 401(k) Plan Fees

Advantage Solutions mismanages its $690 million retirement plan by overpaying for administrative services and failing to properly monitor investments, a former employee said in a proposed class action complaint.

The plan’s average annual recordkeeping fees were $61 per person over the past several years, which is “grossly excessive” compared to what similar plans paid, she said in the complaint on Monday. These fees allegedly increased over the past several years despite no material change in services, which according to the complaint suggests Advantage “engaged in virtually no examination, comparison, or benchmarking” of these fees in violation of the Employee Retirement ...