Oklahoma’s St. Francis Health Sued Over Retirement Plan Funds

A St. Francis Health System Inc. employee filed a proposed class action claiming the Oklahoma hospital system’s retirement plan is filled with overly pricey target-date funds.

The St. Francis plan offered a suite of target-date funds from non-party Fidelity as its default investment option, despite the fact that these funds carried higher fees than materially identical funds from the same company, plaintiff Raminta Wilson alleged. Workers received no additional benefit in exchange for these higher fees, and the funds should have been replaced with better options, Wilson said in a complaint filed Tuesday in the US District Court for the ...