Icon Clinical Research Latest Employer Sued Over 401(k) Fees

A new lawsuit accuses Icon Clinical Research LLC of failing to rein in the administrative costs of its $523 million 401(k) plan and allowing the plan to offer overly expensive mutual funds, according to a proposed class action filed in the U.S. District Court for the Eastern District of Pennsylvania.

The research company’s retirement plan pays “at least 60% more” in total costs than similarly sized plans, and its per-person administrative and record-keeping fees are “astronomical” compared to its peers, plan participant Carlos Nesbeth said in the March 26 complaint. Plan fiduciaries also failed to properly monitor the plan’s investment ...