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Plan sponsor fiduciary and co-fiduciary advisor to a $25 million 401(k) plan sued

The plan sponsor fiduciary and co-fiduciary advisor to Checksmart Financial's $25 million 401(k) plan are being sued in U.S. District Court.

By Nick Thornton | Updated on July 22, 2016
The plan sponsor fiduciary and co-fiduciary advisor to Checksmart Financial's $25 million 401(k) plan are being sued in U.S. District Court.(Photo: AP)

The plan sponsor fiduciary and co-fiduciary advisor to a $25 million 401(k) plan are being sued in U.S. District Court for the Southern District of Ohio for allegedly offering high-cost, low performing investment options to plan participants.

The Checksmart Financial 401(k) plan, sponsored by Dublin, Ohio-based Checksmart Financial, which operates retail pay loan stores in eight states, had more than 2,500 participants in plan year 2014, according to Form 5500 data on Brightscope.com. Only about 1,700 of those participants had account balances.

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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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