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Northwell Health Retirement Plan Challenge Dismissed, for Now

Oct. 3, 2022, 4:59 PM

A former Northwell Health Inc. employee who claimed the company mismanaged its $5.6 billion retirement plan must file a revised complaint to keep her case alive, after a New York federal judge said she alleged only a modest investment shortfall over a brief period.

Claims that retirement plan investments slightly underperformed alternatives over a three- or five-year period aren’t enough to move forward with allegations of fiduciary breach under the Employee Retirement Income Security Act, Judge Rachel P. Kovner of the US District Court for the Eastern District of New York said in a Sept. 30 opinion. Kovner dismissed the ...