Boston’s Beth Israel Accused of Retirement Plan Mismanagement

Boston’s Beth Israel Deaconess Medical Center Inc. mismanages its retirement plans by filling them with expensive and overly risky investments and failing to rein in administrative fees, four current and former employees alleged in a federal lawsuit.

The proposed class action claims Beth Israel, a teaching hospital for Harvard Medical School, mismanages workers’ retirement savings by allowing its retirement plans to pay annual administrative fees ranging between $42 and $85 per person. These fees are excessive compared to the fees paid by similarly sized plans, and they ate into workers’ savings in violation of the Employee Retirement Income Security Act, ...