Banner Health 401(k) Fee Trial Will Include Experts

Nov. 27, 2019, 5:14 PM

Dueling experts may testify at trial in a class action alleging Banner Health failed to keep 401(k) plan recordkeeping fees under control, a federal court in Colorado ruled.

The two experts’ weaknesses may be probed through cross-examination, Judge William J. Martinez said Nov. 26 for the U.S. District Court for the District of Colorado.

Lorraine M. Ramos and other current and former employees allege Banner didn’t negotiate for competitive pricing on administrative and recordkeeping fees for its employee 401(k) plan, according to the court. The plan allegedly paid uncapped, asset-based fees, rather than per-participant fees.

Banner fell short of industry...

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