University of Tampa Sued Over TIAA-Run Retirement Plan Fees

The University of Tampa was hit with a proposed class action in the Middle District of Florida Wednesday alleging the participants in the school’s retirement plan paid excessive fees in violation of the Employee Retirement Income Security Act.

The university’s failure to monitor the compensation paid to TIAA-CREF and ensure that participants were only charged reasonable fees for administrative and recordkeeping services cost the plan participants hundreds of thousands of dollars in their retirement savings over the last six years, the complaint alleges.

The university contracted with TIAA to provide administrative services for the plan, but failed to negotiate any ...