Nokia of America is one of the latest employers hit with a class-action lawsuit over the fees in its 401(k) plan.<\/p>\n
The\u00a0complaint alleges that the phone maker filled its investment menu with funds that had higher fees than other options available on the market, and the plan\u2019s revenue-sharing arrangement led to administrative costs that are well above average, according to the complaint.<\/p>\n
The complaint also claims that the 4 bps asset-based record-keeping fee charged to participants made little sense, given the large size of the 401(k). Participants in the plan paid $116 each for plan administration last year, while some comparably sized plans.<\/p>\n
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