There have been around 20 class action lawsuits filed against universities for high cost 401(k) and 403(b) plans. The lawsuits are like shooting fish in a barrel because when you think about it, low costs and higher education tend to be mutually exclusive. I would assume most private universities don\u2019t have the vigilance that plan sponsors do in the private sector in being concerned with fiduciary duties and monitoring the reasonableness of fees.<\/p>\n
Thee private universities also tend to have their plans administered by some of the legacy partners of the non-ERISA 403(b) marketplace where low fees don\u2019t exist.<\/p>\n
Private universities are easy picking for the filing of a class action lawsuit, but time will tell whether they\u2019re going to settle or lose at trial.<\/p>\n
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