Former employees have sued Ricoh USA, alleging breaches of fiduciary duty under ERISA.
It’s alleged that Ricoh failed to review the plan’s investment portfolio to ensure investment options were not expensive. Additionally, the complaint alleges that the plan sponsor failed to control the plan’s recordkeeping and administrative costs.
The complaint alleged two claims against defendants: breach of fiduciary duty of prudence and failure to monitor plan fiduciaries.
The plan has more than 18,619 participants and more than $2.1 billion in assets under management.
Per-head charges in the Ricoh plan were $103.54 in 2020 and $86.14 in 2019, the complaint states that no more than $35 should be charged to a participant.