Empower Retirement LLC was sued by an Illinois senior living facility that said a subsidiary of the retirement plan recordkeeper gave faulty investment advice that caused steep losses when the facility terminated its pension plan.
Tabor Hills Senior Living Campus hired Global Portfolio Strategies Inc. and its former corporate parent, Prudential Retirement Insurance & Annuity Co., to provide investment advisory and other services in connection with the facility’s pension plan, according to the lawsuit. Tabor Hills says that after it began the process of terminating the plan in 2021, Global Portfolio moved the plan’s equity investments into imprudent long-duration bond ...
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