Benefits & Executive Compensation News

Insperity Agrees to Class Status in 401(k) Fee Lawsuit

Nov. 8, 2017, 2:19 PM

A lawsuit accusing human resources provider Insperity Inc. of loading its 401(k) plan with high-fee investment funds and paying itself excessive record-keeping fees is moving forward as a class action.

In a somewhat unusual move, Insperity didn’t challenge the 401(k) plan participants’ attempt to have the case certified as a class action. Instead, Insperity worked with the participants to come up with a class definition acceptable to both sides. A federal judge approved the agreement and certified the case as a class action Nov. 7 (Pledger v. Reliance Tr. Co., N.D. Ga., No. 1:15-cv-04444-MHC, order approving stipulation to certify class 11/7/17

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