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Insperity 401(k) Plan Lawsuit

Participants in the Insperity 401(k) Plan have filed a lawsuit against plan fiduciaries alleging excessive record keeping fees to the Plan’s record keeper, Insperity Retirement Services, a subsidiary of the plan sponsor. Plaintiffs also claim that the Plan’s discretionary trustee, Insperity and Reliance Trust Company, breached fiduciary duties under ERISA by offering expensive and poor performing funds—proprietary funds and collective trusts offered by Reliance—and failing to monitor Reliance, a fiduciary responsible for the Plan’s investment selection. Insperity and Reliance are accused of operating the Plan for their own self-interest.

investmentnews.com; December 23, 2015.