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Generac Power Sued Over Fees, Funds in $176 Million 401(k) (1)

June 9, 2021, 5:10 PM; Updated: June 9, 2021, 7:37 PM

Generac Power Systems Inc. was sued in Seattle federal court by a former employee who says the power equipment distributor’s 401(k) plan charges excessive administrative fees and offers unnecessarily high-cost investment options.

Generac allowed the plan to charge annual administrative fees of at least $90 per participant, which is nearly double the fees charged by well-managed plans of similar size, plan participant Dereck Case said in a proposed class action complaint.

Case’s complaint, filed Tuesday in the U.S. District Court for the Western District of Washington, also takes aim at the investment options offered by the $176 million retirement plan. ...

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