A lawsuit alleging the University of Pennsylvania mismanaged its $3.8 billion 403(b) defined contribution plan was dismissed in a federal court.
The decision represents the first victory for university plan sponsors.
Last year, a slew of lawsuits filed nationwide claim some of the most prominent institutions of higher learning are bilking retirement savers with costly investments, high recordkeeping fees, and cumbersome investment menus jammed with too many savings options.
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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.
