Dover Corp. Sued Over Administrative Fees in $1.5 Billion 401(k)

Illinois-based equipment manufacturer Dover Corp. mismanages its $1.5 billion retirement plan by overpaying for administrative services and failing to cut ties with pricey service provider, an employee of a Dover subsidiary alleged in a federal complaint.

Ryan Gosse’s proposed class action, filed Thursday in the US District Court for the Northern District of Illinois, takes aim at the annual recordkeeping fees paid by participants in Dover’s 401(k) plan. These fees averaged about $86 per person over the past few years, when a reasonable annual fee would be closer to $32 per person, Gosse says.

Gosse also challenges the managed account ...