Union Elevator Workers Nab $5 Million Retirement Plan Settlement

The trustees of a retirement plan covering about 30,000 unionized elevator workers have agreed to pay $5 million to settle a proposed class action challenging the plan’s administrative fees and mutual funds.

The deal is an “excellent result” that’s expected to benefit people covered by the Elevator Constructors Annuity & 401(k) Retirement Plan since October 2016. The plaintiffs’ estimated damages in the case were nearly $100 million, according to a settlement approval motion filed Thursday in the US District Court for the Eastern District of Pennsylvania.

The lawsuit says the plan, which provides retirement benefits to thousands of workers represented ...