Hy-Vee 401(k) Plan Fee Challenge Advances After Claims Trimmed

Hy-Vee Inc. employees who sued the Iowa-based grocer over its 401(k) plan are moving forward with their challenge to the plan’s recordkeeping fees but not with claims targeting the investment management fees tied to specific funds.

The Hy-Vee employees provided meaningful benchmarks for their claim that the plan’s annual recordkeeping fees of more than $63 per person were excessive, Judge Stephen H. Locher said in an Oct. 21 opinion. In particular, the employees identified seven comparable plans with annual fees ranging between $21 and $34 per person, along with a recent stipulation from a major recordkeeper that these services are ...