AmerisourceBergen 401(k) Plan Challenge Moves Forward After Trim

AmerisourceBergen Corp.'s retirement plan committee must defend allegations that workers were charged excessive administrative fees, but it defeated claims targeting the plan’s stable value fund.

Plan participants can press claims that the 401(k) recordkeeping and administrative fees they paid—allegedly about $60 per person each year—were excessive such that the company breached its fiduciary duties in failing to rein them in, Judge David J. Hale said. The participants supported this claim by arguing that recordkeeping services are fungible and commoditized for “mega” plans like the $1.9 billion one sponsored by AmerisourceBergen, and that similar plans have been able to obtain these ...