Beware! Don’t trust your retirement plan with your employer or you could end up like the people below (keep reading)…
According to an article in bizjournals found here…
“Duke University faces allegations that it allowed employees to be charged “unreasonable and excessive fees.”
A class-action lawsuit was filed on behalf of more than 20,000 Duke employees, alleging that Duke failed in its fiduciary duties to monitor excessive record keeping and administrative fees and to remove imprudent investment options.
Representing the plaintiffs is Jerry Schlichter, who has been called a “ pioneer in retirement plan litigation,” by the New York Times. His firm, Schlichter, Bogard and Denton, brought similar suits against prominent universities like Yale, the Massachusetts Institute of Technology and New York University.
Schlichter has represented employees and retirees in over 20 excessive 401(k) fee cases and reached settlements in cases against Lockheed Martin, Cigna, International Paper, and Boeing.
“We believe that Duke University failed to abide by its fiduciary duties to protect its employees’ and retirees’ retirement savings,” Schlichter said in a statement. “Universities do not have high priced retail mutual funds in their multi-billion dollar endowments, yet they have them in their employees’ retirement plans, resulting in the employees paying excessive fees and diminishing their retirement savings.”
Schlichter argues that Duke, and other universities, failed in its duties under the Employee Retirement Income Security Act (ERISA), causing employees to pay millions in unwarranted fees.
In a response statement, Duke Vice President of Public Affairs and Government Relations Michael Schoenfeld said, “Duke provides a range of options that give employees flexibility in designing retirement plans to meet their individual needs. These investments are reviewed and carefully managed in accord with federal law to provide low costs and good outcomes for our employees. We will continue to commit to these guiding principles.”
The lawsuit was filed in the U.S. District Court in the Middle District of North Carolina.” (end of article)
Unfortunately, people are like sheep and follow the herd. Don’t be like the herd of Americans that never have enough money to retire comfortably. The majority of Americans let others control their retirement plan without knowing what it actually taking place regarding their funds. If you are unsure of your 401k, IRA or other retirement fund account, break away for the herd and learn how to take control and ensure you future. We at Swing Real Estate LLC help people with their IRAs, 401ks and other retirement funds get happy with the returns on their money while being transparent and have their monies secured in real estate.