North Carolina’s WakeMed Sued Over Retirement Plan Fees, Funds

North Carolina health system WakeMed is the latest employer to be sued in federal court over the fees and investment options in its retirement plan, according to a new lawsuit that seeks to cover a class of more than 13,000 participants and beneficiaries in the company’s plan.

The lawsuit, filed Tuesday in the U.S. District Court for the Eastern District of North Carolina, claims WakeMed mismanages its $715 million retirement plan by failing to monitor and rein in the plan’s excessive record keeping costs and keeping expensive funds in the plan when better performing alternatives were available at lower cost. ...