Kimberly-Clark Corp. is the latest defendant in a proposed class action Employee Retirement Income Security Act (ERISA) lawsuit. The complaint alleges that Kimberly-Clark breached its fiduciary duties by authorizing the plan to pay unreasonably high fees for retirement plan services.<\/p>\n\n\n\n
The 401(k) has more than 16,000 participants and assets of approximately $4 billion. The lawsuit claims Kimberly-Clark\u2019s plan provider arrangement involves \u201ccobbled together services from many providers, which often leads to a duplication of services and higher fees with no additional benefit to plan participants.\u201d The complaint listed 10 covered service providers for the plan, which seems to be quite a lot.<\/p>\n\n\n\n
According to the complaint, from the years 2015 to 2019, the average annual administration fees were at least $78 per participant. The lawsuit claims that the fees should $30 per participant, if not lower.<\/p>\n
<\/span><\/p>","protected":false},"excerpt":{"rendered":" Kimberly-Clark Corp. is the latest defendant in a proposed class action Employee Retirement Income Security Act (ERISA) lawsuit. The complaint alleges that Kimberly-Clark breached its fiduciary duties by authorizing the plan to pay unreasonably high fees for retirement plan services. … Continue reading