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New Jersey’s RWJBarnabas Health Sued Over Retirement Plan Fees

Sept. 24, 2020, 8:05 PM

Two participants in RWJBarnabas Health Inc.'s retirement plans filed a proposed class action in New Jersey federal court claiming the plans were filled with expensive, actively managed investment funds that charge “grossly excessive fees” compared with similar or superior alternatives.

The lawsuit, filed Wednesday in the U.S. District Court for the District of New Jersey, challenges the investment options in two retirement funds covering thousands of Barnabas workers and holding more than $2 billion in combined assets.

Participants accuse plan fiduciaries of failing to prudently monitor the plans’ investments, failing to offer cheaper share classes when available, and failing to ...