Serco Inc. Targeted in Latest Suit Challenging 401(k) Plan Fees

Technology services company Serco Inc. is accused of filling its 401(k) plan with expensive mutual funds that could have been obtained at a lower price, according to a class action complaint filed in the Eastern District of Virginia.

The lawsuit, filed Tuesday by Serco plan participant Robert Glasscock, claims at least 21 of the 30 mutual funds offered by the plan could have been obtained at a lower cost. And the Serco plan’s administrative fees “were consistently greater than the fees of more than 90 percent of comparable 401(k) plans,” Glasscock claims.

“By selecting and retaining the Plan’s unreasonably expensive ...