U.S. Bank and its 401(k) Savings Plan is the latest target of a class action lawsuit in Minnesota. According to the complaint, from the years 2016 through 2021, the Plan paid an effective average annual administration fee of $41 per participant while the calculations for similar-sized plans would be around $23 per participant.
The complaint also alleges that U.S. Bank should have removed its “high-cost” recordkeeper, Alight Solutions, and its “high-cost” managed account service provider, Alight Financial Advisors, for the benefit of its plan participants, the plaintiffs allege.