PNC Sued Over Administrative Fees in $5.7 Billion 401(k) Plan

Oct. 6, 2020, 6:47 PM

PNC Financial Services Group Inc.'s retirement plan charges excessive administrative fees that the company fails to adequately monitor or rein in, two former employees told a federal judge in Pennsylvania in a proposed class action complaint.

The PNC plan, which holds $5.7 billion and covers more than 66,000 people, paid annual administrative fees of more than $85 per participant, when a reasonable fee would have been less than $35 per participant, the former employees said in a complaint docketed Monday in the U.S. District Court for the Western District of Pennsylvania. PNC either engaged in “virtually no examination, comparison, or ...

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