Coca-Cola Consolidated Inc.\u2019s $784 million 401(k) plan is one of the latest class-action ERISA lawsuits for breaching their fiduciary duty.<\/p>\n\n\n\n
The complaint says the continued offering of the actively managed Fidelity Freedom Funds target-date fund (TDF) suite represented an ongoing fiduciary breach.<\/p>\n\n\n\n
Also, the complaint takes issue with other fund options on the plan menu: Carillon Eagle Small Cap Growth Fund Class R5 and the T. Rowe Price Mid-Cap Value Fund, which the plaintiffs contend underperform their underling indexes. <\/p>\n\n\n\n
The plaintiffs here allege that also alleges that Fidelity, as recordkeeper for the plan charges high fees.<\/p>\n\n\n\n
The lawsuit contends that the average cost for recordkeeping and administration in 2017 for plans much smaller than the Plan was $35 per participant and that the Plan contracted for per-participant annual recordkeeping fees of $59 a head. Plaintiffs claim that plans of that size should pay recordkeeping fees of no more than $14-21 a head.<\/p>\n
<\/span><\/p>","protected":false},"excerpt":{"rendered":" Coca-Cola Consolidated Inc.\u2019s $784 million 401(k) plan is one of the latest class-action ERISA lawsuits for breaching their fiduciary duty. The complaint says the continued offering of the actively managed Fidelity Freedom Funds target-date fund (TDF) suite represented an ongoing … Continue reading