The recent slew of lawsuits against sponsors of 403(b) plans at some of the country's most distinguished universities raises questions as to whether or not the allegedly imprudent practices of plan sponsors are systemic among retirement plans in the not-for-profit sector.
Plans sponsored by the Massachusetts Institute of Technology, Yale, New York University, Duke University, Johns Hopkins, University of Pennsylvania, Vanderbilt, and Columbia University represent billions of retirement assets in the aggregate.
The claims make similar allegations. Participants lost tens of millions in retirement savings due to allegedly imprudent management on the part of the sponsor fiduciaries.
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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.
