Nokia sued over 401(k) plan

Nokia of America is one of the latest employers hit with a class-action lawsuit over the fees in its 401(k) plan.

The complaint alleges that the phone maker filled its investment menu with funds that had higher fees than other options available on the market, and the plan’s revenue-sharing arrangement led to administrative costs that are well above average, according to the complaint.

The complaint also claims that the 4 bps asset-based record-keeping fee charged to participants made little sense, given the large size of the 401(k). Participants in the plan paid $116 each for plan administration last year, while some comparably sized plans.

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