WakeMed’s $975,000 Retirement Plan Deal Filed for Court Approval

WakeMed employees asked a federal judge for final approval of their $975,000 class settlement in a lawsuit claiming the North Carolina Health System’s retirement plan offers expensive mutual funds and charges excessive administrative fees.

The deal, which received preliminary approval from Judge James C. Dever III in May, is expected to benefit more than 13,000 participants in WakeMed’s $715 million retirement plan. It also requires the health system to seek proposals from third-party vendors to ensure the plan is receiving the best deals on investment advisory, record-keeping, and administrative services, according to a motion filed Wednesday in the U.S. District ...