Ex-NCR Workers Challenge 401(k) Plan Fees Again in New Lawsuit

Two former NCR Corp. employees filed a proposed class action saying they’ve been forced to pay “grossly excessive” and undisclosed administrative fees in their 401(k) plan since 2016.

NCR’s retirement plan committee failed to take advantage of the plan’s large asset base—allegedly more than $2 billion in 2021—to negotiate a better deal on recordkeeping fees, plaintiffs Alan Schoenbeck and Jorge Mirabal said in the complaint. Plan recordkeeper Fidelity Investments Institutional Operations Co.—which isn’t named as a defendant—was paid about $157 per participant, per year, in direct and indirect compensation, which the plaintiffs say is far greater than what these ...