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Reliance Trust Settles ERISA Suit Over Insperity 401(k) Plan

Sept. 22, 2020, 4:44 PM

A class action challenging the fees and investment options in Insperity Inc.'s $2 billion 401(k) plan will be resolved through a settlement between participants and plan trustee Reliance Trust Co., according to an order by a federal judge in Atlanta.

Reliance and the plan participants have settled all pending claims in the five-year-old Employee Retirement Income Security Act lawsuit, Judge Mark H. Cohen said in a Monday order administratively closing the case. His one-paragraph order, which doesn’t mention the Insperity defendants, gives the parties three weeks to file formal settlement papers.

The settlement comes six months after the parties completed ...