MaineHealth Sued Over Worker Retirement Plan’s Stable Value Fund

MaineHealth Services was hit with a proposed class action accusing the hospital system of mismanaging its employees’ retirement plan by putting hundreds of millions of dollars in a pricey and underperforming stable value fund.

The lawsuit, docketed Monday in the US District Court for the District of Maine, centers on a stable value fund from the plan’s recordkeeper, non-party Lincoln National Life Insurance Co. This fund, which held as much as $373 million of the MaineHealth plan’s assets, paid more than $31 million in fees to Lincoln between 2019 and 2024 while carrying excessive risk and failing to give plan ...