{"id":5412,"date":"2021-03-25T22:03:50","date_gmt":"2021-03-26T02:03:50","guid":{"rendered":"http:\/\/therosenbaumlawfirm.com\/blog\/?p=5412"},"modified":"2021-03-25T22:03:50","modified_gmt":"2021-03-26T02:03:50","slug":"reliance-settles-their-role-in-insperity-case-for-40-million","status":"publish","type":"post","link":"http:\/\/therosenbaumlawfirm.com\/blog\/?p=5412","title":{"rendered":"Reliance settles their role in Insperity case for $40 million"},"content":{"rendered":"\n<p>Reliance Trust has settled one of the largest 401(k) excessive suit settlements in their role in the Insperity 401(k) plan. The price tag of the settlement is $39.8 million.<\/p>\n\n\n\n<p>The case came from a case involving Reliance Trust and its role regarding the Insperity 401(k) Plan.<\/p>\n\n\n\n<p>The suit alleged that Reliance, Insperity, Inc., Insperity Holdings, Inc., and Insperity Retirement Services, L.P., \u201cbreached their fiduciary duties and conducted prohibited transactions under ERISA by:<\/p>\n\n\n\n<ol><li>selecting untested proprietary funds ( the \u2018Horizon Funds\u2019) as investment options for the Plan and retaining those funds despite their poor performance, which benefited Defendants at the expense of participants\u201d;<\/li><li>paying Insperity Retirement Services, the Plan\u2019s recordkeeper, excessive administrative expenses;<\/li><li>providing to the Plan investment options that contained unreasonable management fees when cheaper versions of the same investments were available to the Plan, as were other high-quality, low-\u00adcost institutional alternatives;<\/li><li>retaining a minimally returning money market fund;<\/li><li>failing to properly monitor the Plan\u2019s fiduciaries;<\/li><li>engaging in prohibited transactions with a party in interest by putting proprietary investments in the Plan, causing the Plan to pay unreasonable compensation to Insperity Retirement Services, and providing the Plan unduly expensive investment options; and<\/li><li>engaging in prohibited fiduciary self-dealing through the use of proprietary investment options in the Plan and the use of Insperity Retirement Services as the Plan\u2019s recordkeeper.<\/li><\/ol>\n<p><span class='st_sharethis' st_title='{title}' st_url='{url}' displayText='ShareThis'><\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>Reliance Trust has settled one of the largest 401(k) excessive suit settlements in their role in the Insperity 401(k) plan. The price tag of the settlement is $39.8 million. The case came from a case involving Reliance Trust and its &hellip; <a href=\"http:\/\/therosenbaumlawfirm.com\/blog\/?p=5412\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n<p><span class='st_sharethis' st_title='{title}' st_url='{url}' displayText='ShareThis'><\/span><\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/5412"}],"collection":[{"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5412"}],"version-history":[{"count":1,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/5412\/revisions"}],"predecessor-version":[{"id":5413,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/5412\/revisions\/5413"}],"wp:attachment":[{"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5412"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}