NextEra Energy Settles Retirement Plan Fee, Forfeiture Lawsuit

NextEra Energy Inc. agreed to settle a proposed class action challenging its 401(k) fee levels and how it handles the plan contributions forfeited by departing employees.

The parties announced the deal in a settlement notice filed Tuesday in the US District Court for the Southern District of Florida. The filing didn’t include details about the terms of the agreement.

• The lawsuit claims the company’s annual recordkeeping fees—allegedly between $47 and $65 per person—were excessive, violating the Employee Retirement Income Security Act, and that the company improperly used 401(k) forfeitures for its own benefit
• The parties recently announced they’d agreed to ...