A former pharmacy technician for Sparrow Health System filed a proposed class action accusing the Michigan hospital group of allowing its $553 million retirement plan to pay excessive recordkeeping fees in violation of federal law.
Sparrow failed to adequately monitor the fees being paid to plan recordkeeper Transamerica Retirement Solutions, plaintiff Amanda Jones said in a complaint filed Wednesday in the US District Court for the Western District of Michigan.
Sparrow didn’t regularly solicit quotes or competitive bids from other service providers, and it allowed Transamerica—which isn’t named as a defendant—to charge an average of $81 per participant in annual ...
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