Allina Health System was hit with a proposed class action Monday, claiming it mismanaged its employee retirement plans.
The nonprofit violated the Employee Retirement Income Security Act when it continued to offer a fund that provided lackluster returns, compared to similar investment options, three former Allina employees alleged in a complaint filed in the US District Court for the District of Minnesota.
The plaintiffs are seeking to represent a class of all participants or beneficiaries of the Allina 401(k) or 403(b) retirement plans between November 2019 through the date of judgment. The plans had more than $4.1 billion in assets ...
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