Tyson Foods Workers Sue Over Fees in $3.2 Billion 401(k) Plan

Three Tyson Foods Inc. employees filed a proposed class action saying the Arkansas-based meat processor mismanages its $3.2 billion 401(k) plan by overpaying for recordkeeping and administrative services.

The Tyson plan’s annual recordkeeping fees were between $40 and $46 per person, which is more than 75% higher than they should have been, employees said in a complaint filed Thursday in the US District Court for the Western District of Arkansas. Plan fiduciaries violated the Employee Retirement Income Security Act when they failed to negotiate a better deal on these fees or look for a less expensive service provider, the employees ...