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Georgia Hospitals Sued Over Retirement Plan Fees, Investments

Feb. 2, 2021, 8:33 PM

Georgia’s Columbus Regional Healthcare System Inc. was sued Tuesday in federal court by seven former employees who say the hospital system filled its retirement plan with overpriced and underperforming funds that drained workers’ retirement savings.

The proposed class action, filed in the U.S. District Court for the Middle District of Georgia, challenges the fees, investment options, and disclosures associated with Columbus’s $183 million retirement plan.

The former employees, who seek to represent a class of thousands, say plan participants lost about $4.6 million in excessive fees and costs in the four-year period leading up to the plan’s 2019 termination in ...