$13M Settlement Approved In University Of Pennsylvania Pension Plan Fees Suit

Mealey's (July 13, 2021, 8:25 AM EDT) -- PHILADELPHIA — A federal judge in Pennsylvania on June 29 granted preliminary approval of a $13 million settlement in a class action lawsuit in which participants in University of Pennsylvania’s 403(b) defined contribution pension benefits plans accused the university and the investment committee of causing the plans to pay unreasonable record-keeping and administrative fees and to maintain high-cost and underperforming investment options in violation of the Employee Retirement Income Security Act....