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MITRE Sued Over Retirement Plan Fees After Beating Similar Suit

June 23, 2022, 7:09 PM

Nonprofit research and development organization MITRE Corp. was sued in Massachusetts over the fees and investment options in a pair of retirement plans holding a combined $6.9 billion, two months after a similar federal lawsuit was dismissed on standing grounds.

MITRE is accused of mismanaging the retirement plans by allowing plan participants to pay annual record keeping fees that ranged between $60 and $220 per person, when a reasonable annual fee would have been closer to $30 per person. The plans also offered high-cost versions of plan investments when identical versions of the same funds were available at lower cost, ...