As a plan sponsor, you\u2019re always going to run into another plan provider that is interested in picking you as a client. Plan providers can only grow their business by adding new clients, so it\u2019s a part of the game.<\/p>\n
As part of any client solicitation, it\u2019s not unexpected that a soliciting plan provider will run down an incumbent provider especially if they\u2019re getting sued. A lawsuit isn\u2019t evidence of any wrongdoing and it\u2019s pretty hard to find any large plan provider (especially plan custodians) who hasn\u2019t been sued. Lawsuits don\u2019t mean much as settlements because a lot of class action lawsuits get tossed before there is any settlement or verdict.<\/p>\n
That doesn\u2019t mean that you should ignore any news about litigation against plan provider especially when it\u2019s something you can\u2019t ignore like a lawsuit over stolen plan assets.<\/p>\n
You should always be aware of what is going on with your plan providers, but the filing doesn\u2019t necessarily mean that something is wrong.<\/p>\n
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