Boston Children’s Hospital Sued Over Retirement Plan Fees

Boston Children’s Hospital was sued in federal court by four former employees who say the hospital’s $1.1 billion retirement plan paid excessive administrative fees and offered expensive and risky target-date funds as the default investment option.

Boston Children’s, formally known as the Children’s Hospital Corp., “grossly overcharged” the 18,580 participants in its retirement plan by allowing the plan to pay annual recordkeeping fees that ranged between $57 and $93 per year, according to the proposed class action complaint.

The lawsuit, filed Tuesday in the U.S. District Court for the District of Massachusetts, also takes aim at the suite of actively ...