Sentara Health Sued Over Retirement Plan’s Stable Value Fund (1)

Hospital system Sentara Health was hit with a proposed class action saying the retirement plan covering its workforce offers a poorly performing and imprudent stable value fund.

The lawsuit, filed Wednesday in the US District Court for the Eastern District of Virginia, takes aim at a stable value fund from Principal Life Insurance Co., which isn’t a party to the lawsuit. This fund is an “off-the-shelf product” with uncompetitive returns that lagged both the rate of inflation and similar investments by as much as 2% since 2019, two plan participants said in a complaint alleging more than $11.4 ...