Spectrum Health Inks $6 Million Deal Over Retirement Plan (1)

Michigan’s Spectrum Health System signed a $6 million settlement agreement with workers who claimed they lost money because their $1.6 billion retirement plan was filled with expensive actively managed and retail share class funds.

The settlement, announced March 10 in the US District Court for the Western District of Michigan, is expected to benefit at least 30,000 people covered by the Spectrum Health retirement plan since September 2014 by providing them with minimum payments of at least $10 each. It would allow the plan participants’ lawyers to seek more than $2 million in attorneys’ fees and litigation costs, and ...