Northwell Health Retirement Plan Suit Settles for $2.75 Million

Northwell Health Inc. agreed to pay $2.75 million to settle claims that the New York-based health-care provider’s retirement plan charges high administrative fees while offering poorly performing funds.

More than 50,000 plan participants and beneficiaries are slated to benefit under the proposed deal, which would resolve a five-year-old lawsuit claiming Northwell failed to leverage its retirement plan’s large size to obtain a better deal on administrative fees and offered workers expensive funds that consistently underperformed their benchmarks.

• The settlement, announced Tuesday in the US District Court for the Eastern District of New York, requires approval from Judge Rachel P. ...