Tyson Foods Beats Back 401(k) Excessive Recordkeeping Fees Suit

A group of Tyson Foods Inc. employees failed to defeat the food company’s motion to dismiss their proposed ERISA class action over high recordkeeping fees.

The employees alleged that Tyson’s 401(k) Retirement Savings Plan pays unreasonably high fees for bundled RKA services—account management, auditing, and other basic recordkeeping tasks, according to the opinion from the US District Court for the Western District of Arkansas.

But the workers failed to allege that the plans they provided as comparators were the same size as Tyson’s, or that those plans were paying for the same services, Judge Timothy L. Brooks said Tuesday. He ...