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Vanguard funds in Chevron plan allegedly not cheap enough

Chevron and the companys investment committee that has fiduciary oversight of Employee Savings Investment Plan are being sued over nearly every aspect of the investment menu it offered participants.

By Nick Thornton | Updated on February 23, 2016
Photo: AP

As the spate of fiduciary allegations against plan sponsors shows no signs of slowing, another mega 401(k) plan is being sued over virtually every aspect of the investment menu it offered participants.

This time it is Chevron Corp., the San Ramon, California-based oil giant, and the company’s investment committee that has fiduciary oversight of Employee Savings Investment Plan, which had more than $19 billion in assets and over 40,000 participants as recently as the end of 2014.

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Nick Thornton

Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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