Cedars-Sinai Medical Center Sued Over Employee Retirement Plan

Cedars-Sinai Medical Center Inc. was sued by a former employee who says the Los Angeles hospital’s $2.1 billion retirement plan is plagued by excessive administrative fees and pricey, poorly performing funds.

The Cedars-Sinai Health System 403(b) Retirement Plan’s administrative fees grew to excessive levels that were out of step with the plan’s size and the rates other plans were paying for the same services, plaintiff Jason Zimmerman said in a complaint filed on behalf of a proposed class of 3,000 plan participants. Zimmerman says the plan paid administrative fees of $106 per person in 2021, when a reasonable fee would ...