BHS Management Services Inks $1.5 Million Retirement Fee Deal

Massachusetts health system BHS Management Services Inc. agreed to pay $1.5 million to resolve claims that its retirement plan overpaid for administrative services and offered pricey investment options.

The deal would end a 5,000-person class action saying BHS, a part of Massachusetts’ Berkshire Health Systems, allowed its retirement plan to pay above-market prices for recordkeeping services despite having the bargaining power to obtain a better deal. The plan also offered overly expensive investment options, including some funds for which identical, lower-cost options were readily available, according to the lawsuit.

The agreement is an “excellent result” for plan participants, who ...