Swiss Re Sued Over Retirement Plan Fees, Forfeiture Handling

Four former Swiss Re America Holding Corp. employees filed suit Wednesday, saying their $1.45 billion retirement plan charges excessive administrative fees and offers overly pricey investment options.

The company, a US affiliate of insurer Swiss Re AG, is accused of failing to use the plan’s large asset base to negotiate a better deal on administrative fees, forcing participants to pay between $153 and $287 each year for plan services. The company also failed to take advantage of less expensive versions of the plan’s target date funds, and it failed to adequately monitor how confidential participant data was used by service ...