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Princeton University 403(b) Plan Settlement

This excessive fee case has reached conclusion, with an agreement in principle on settlement terms, inclusive of “therapeutic relief.” As with many higher education 403(b) plans, Princeton defendants were accused of excessive fees for recordkeeping services by contracting with two recordkeepers – TIAA-CREF and Vanguard- instead of one, causing duplicative and unreasonable fees for recordkeeping services. Likewise, plan fiduciaries were accused of selecting underperforming investment options that had lower expense share classes that would have been available to plans of Princeton’s size.

www.planadviser.com; April 15, 2020.
www.insidehighered.com; April 17, 2020.