Request a Proposal

Matthews International Case

Fiduciaries of the Matthews International Corporation defined contribution plan – Members of the Board of Directors and the Retirement Plan Board – are accused of violating ERISA duties by allowing excessive recordkeeping and investment fees although similar options with lower fees and better performance histories were available to the Plan, with emphasis on more costly active funds verses index funds which offered the same or better performance for less cost. The complaint also includes fiduciaries failure to “manage and control” all direct and indirect compensation received by the recordkeeper, Wells Fargo, and engage in periodic request for proposals (RFPs) as a means to assess reasonableness of fees.; July 15, 2020.