Costco’s $5.1 Million 401(k) Settlement Scores Final Court Nod

Costco Wholesale Corp. and workers challenging the company’s 401(k) plan received final approval for a class settlement that will reduce the plan’s annual recordkeeping fees to no more than $13 per person, a Wisconsin federal court order shows.

The deal, valued by the court at $5.1 million, requires Costco to cap its per-person 401(k) recordkeeping fees at $3.25 per quarter for as many calendar quarters as it takes for the total fee reduction to hit $3.2 million. Costco also will pay $400,000 into a settlement fund that will make distributions to certain former plan participants who file claims, according to ...