University of Miami Settles Retirement Suit for $1.85 Million

Nov. 24, 2021, 4:09 PM

Workers who accused the University of Miami of mismanaging their retirement plan negotiated a $1.85 million class settlement with the university, according to a filing in the U.S. District Court for the Southern District of Florida.

The deal requires the university to put the plans’ record keeping and administrative services up for competitive bidding within the next three years and freeze certain plan fee levels during that time period. More than 20,000 participants in the school’s retirement plans will benefit under the deal, the parties said in a settlement motion filed Tuesday.

Miami is accused of offering underperforming and expensive ...

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