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Colleges Defend Retirement Plans’ Management

Oct. 12, 2016, 7:56 PM

“Paternalistic,” “cookie-cutter,” “assembly-line” and “fundamentally flawed": That’s how several prominent universities characterized the recent series of lawsuits accusing them and their peers of mismanaging their retirement plans.

Between Oct. 5 and Oct. 11, six schools—Johns Hopkins University, Duke University, Massachusetts Institute of Technology, Vanderbilt University, Emory University and Cornell University—argued for dismissal of the pending lawsuits against them, which attack the fees charged by their retirement plans and the large number of plan investment options.

The 12 colleges targeted by these lawsuits manage more than $46 billion in combined retirement plan assets for the benefit of more than 380,000 employees...

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