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Montefiore Medical Center Sued Over Retirement Plan Fees, Funds

June 23, 2022, 5:56 PM

New York’s Montefiore Medical Center was sued in federal court over its $3.4 billion retirement plan by a proposed class of current and former employees who say the plan offered pricey mutual funds and charged excessive administrative fees.

The Montefiore plan offered “at least ten” funds that carried excessive expense ratios when compared to their peers between 2016 and 2020, plan participants Sheila Boyette and Tiffany Jiminez alleged in the class complaint. The plan also paid annual record keeping fees that ranged between $136 and $230 per person, when a reasonable fee would have been closer to $21 per person, ...