Sisters of Charity Workers Advance JPMorgan Retirement Fund Suit

An Intermountain Healthcare unit must defend claims that it mismanaged its workers’ retirement plan by filling it with underperforming target-date funds from JPMorgan Chase & Co.

The workers’ amended complaint includes allegations that Sisters of Charity of Leavenworth Health System failed to properly review the JPMorgan funds using the process set forth in the plan’s investment policy statement, along with claims that the funds underperformed the benchmarks identified in the statement.

These allegations are sufficient to state a viable claim for fiduciary imprudence under the Employee Retirement Income Security Act, Judge Lewis T. Babcock said.

Babcock’s ruling, issued Thursday ...