New York Health System MVHS Sued Over Worker Retirement Plan (1)

Four former MVHS Inc. employees filed a proposed class action saying the New York health system’s $204 million retirement plan is plagued by high fees and misuse of forfeited funds.

Workers say the retirement plan, which covers employees of the hospital formerly known as Faxton-St. Luke’s Healthcare, is filled with funds in high-cost share classes that could have been offered for less money. MVHS also failed to properly monitor the plan’s administrative expenses, allowing unreasonable amounts to be paid to plan service providers that depleted workers’ retirement savings, according to a complaint docketed Monday in the US District Court for ...