WakeMed Health Hit With Suit Over Retirement Plan Forfeitures

WakeMed Health & Hospitals was sued by a former employee who says the North Carolina-based health-care system mismanages its workers’ retirement plan by using forfeited contributions for its own benefit.

WakeMed consistently chose to use retirement plan forfeitures to reduce the mandatory contributions it’s required to make to the plan instead of using that money to pay the administrative expenses charged to workers, the employee said in a proposed class complaint. This consistent choice to “prioritize the interests of the Company over that of the Plan participants” saved the health system more than $10 million between 2019 and 2023 ...