Bloomberg Law
June 30, 2020, 3:06 PM

Trader Joe’s Is 10th Employer Sued This Month Over 401(k) Fees

Jacklyn Wille
Jacklyn Wille
Legal Reporter

Four former Trader Joe’s Co. employees filed a lawsuit in Los Angeles federal court claiming the grocer’s 401(k) plan is full of expensive, actively managed funds that drain money from workers’ retirement savings.

The proposed class action, filed Monday in the U.S. District Court for the Central District of California, accuses Trader Joe’s of filling its $1.7 billion 401(k) plan with expensive investment options without adequately investigating lower-cost alternatives. The employees also challenge the plan’s annual record-keeping fees, which they say remained steady at $48 per participant, even though the plan’s growing number of participants should have driven this number ...

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