Duke University Sued Over Retirement Plan Forfeiture Practices

Duke University was hit with a proposed class action saying it mismanages a retirement plan covering faculty and staff members by using forfeited contributions for its own benefit.

Duke improperly put the unvested retirement plan contributions forfeited by departing employees toward the amounts it’s required to contribute to the plan, instead of using this money to lower workers’ expenses, according to a complaint filed Thursday in the US District Court for the Middle District of North Carolina. The Durham, N.C., school also wrongly allowed millions of dollars worth of forfeitures to pile up in the plan without being put toward ...