Tower Health Sued Over Retirement Plan’s Fees, Investment (1)

Pennsylvania-based Tower Health System was hit with a proposed class action by workers who say their retirement plan is plagued by excessive fees and a poorly performing guaranteed interest contract.

Tower’s retirement plan, which held $967 million in assets and covered more than 16,000 people as of 2023, paid annual recordkeeping fees that ranged between $67 and $83 per person, the workers said in a complaint filed Monday in the US District Court for the Eastern District of Pennsylvania. A plan this size should have paid annual fees no higher than $28 per person for these services, according to the ...