John Muir Health Sued Over Retirement Plan Fees, Forfeiture Use

Hospital system John Muir Health was hit with a proposed class action challenging the administrative fees and investment options in the $1 billion retirement plan covering its workforce.

John Muir mismanaged its retirement plan by offering an unwieldy investment lineup of nearly 115 funds and using multiple plan recordkeepers instead of consolidating services with a single provider, former employee Conan Nado said in the complaint. These inefficiencies introduce more confusion and higher costs, and they show the company’s failure to fulfill its duties under the Employee Retirement Income Security Act, according to Nado.

The lawsuit, filed March 15 in ...