University of Rochester Sued Over Worker Retirement Plan (1)

The University of Rochester is facing a new lawsuit over the administrative fees associated with its $7.2 billion employee retirement plan.

The proposed class action, filed Wednesday in the US District Court for the Western District of New York, takes aim at the fees paid to the plan’s recordkeeper, Teachers Insurance & Annuity Association. The university’s arrangement with TIAA, which isn’t named as a defendant, saddled the plan with “above-market” annual fees that ranged between $31 and $49 per person, when a reasonable fee for a plan of this size would be no more than $22 per person each ...