New Jersey Hospital Hit With ERISA Suit Over 401(k) Plan Options

New Jersey-based Valley Hospital was sued Thursday by participants and beneficiaries of its 401(k) retirement plan, alleging the hospital failed to monitor the investment options in the plan and stocked it with expensive, underperforming funds.

Maria Laurino and Ricardo Miller allege that Valley Hospital allowed its plan administrator Lincoln Financial Group, a co-defendant, to improperly benefit from its provision of services to the plan by receiving unreasonable and excessive fees.

Similar investment products were available throughout the period covered by the lawsuit from other providers that would have provided participants with equal or higher returns at a lower cost, according ...