Massachusetts Teaching Hospital Sued Over Retirement Plan Fees

Two former Cambridge Health Alliance workers filed a proposed class action saying the Massachusetts-based teaching hospital’s $280 million retirement plan is plagued by excessive administrative fees.

The workers say Cambridge, formally known as CHA General Services Inc., mismanages a retirement plan covering about 3,660 people by paying “dramatically high” recordkeeping fees that exceed what similar plans pay for the same services. The plan’s annual per-person recordkeeping fees ranged between $95 and $148 over the past few years, when similar plans pay much less, according to a complaint filed Dec. 29 in the US District Court for the District of Massachusetts. ...