Nestle sued over 401(k) plan

Nestle is the latest target of ERISA litigators and is being sued 0ver excessive administrative fees.

The Nestle Plan has more than 39,000 participants and approximately $4.2 billion in assets.

The complaint in the suit alleges that the plan’s expenses equal to $60 a head, about double what should be charged for a plan of that size. The lawsuit also attacks the use of managed accounts, but the complaint cites a lack of actual knowledge on specifics concerning the plan’s decision-making process.

We will see how it plays out.

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