Prisma Health Retirement Plans Targeted in Would-be Class Suit

South Carolina-based hospital network Prisma Health was sued by seven former employees who say their retirement plans are plagued by a badly performing and overly risky stable value fund.

The lawsuit claims Prisma’s retirement plans, which together held more than $3 billion as of 2024, offered workers a stable value fund from Empower Annuity Insurance Co., which isn’t named as a defendant. This fund materially underperformed similar and less risky options available from other insurers while enriching Empower at the expense of Prisma workers’ retirement savings, according to a complaint docketed Tuesday in the US District Court for the District ...