Worker Sues 84 Lumber Over Fees, Funds in 401(k) Plan

Pennsylvania-based building material supplier 84 Lumber Co. was hit with a proposed class action saying its retirement plan charges high administrative fees while offering poorly performing and expensive investment options.

The company’s $518 million retirement plan forces participants to pay excessive annual recordkeeping fees of at least $60 per person without adequately disclosing the full extent of these fees, 84 Lumber employee Angel Runciman said in the complaint. Workers are also subject to high fees from plan investment options and from the revenue sharing arrangement that allows the plan’s recordkeeper to keep a percentage of each worker’s assets, Runciman ...