Penn Cleared for $13 Million Retirement Plan Class Settlement

A $13 million class settlement resolving litigation over the fees and investment options in the University of Pennsylvania’s retirement plan received preliminary approval in federal court.

The deal is expected to benefit more than 20,000 people covered by Penn’s retirement plan. In addition to adding $13 million to the plan, Penn agreed to begin using a single record-keeper for its retirement plan, instead of the multiple record keepers challenged by the suit, and revamp the plan’s investment menu to include lower-cost options.

Judge Gene E.K. Pratter of the U.S. District Court for the Eastern District of Pennsylvania granted preliminary approval ...