Benefits & Executive Compensation News

Fidelity Employees Demand Internal Docs Detailing 401(k) Change

March 18, 2019, 4:11 PM

Former employees of FMR LLC, the parent company of Fidelity Investments, want to force the company to turn over internal documents detailing a “radical” 401(k) plan amendment allegedly aimed at reducing Fidelity’s fiduciary responsibility.

Fidelity is accused of filling its employees’ 401(k) plan exclusively with expensive funds that earned fees for the company. Employees on March 15 asked a federal judge to force Fidelity to turn over records of a 2014 plan overhaul that employees say was designed to allow the company to avoid fiduciary liability with respect to these funds.

The lawsuit, filed in 2018 on behalf of a...

To read the full article log in. To learn more about a subscription click here.