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Princeton University Lawsuit

A participant in two 403(b) plans offered by Princeton University has filed suit against the University alleging the failure to “investigate, examine and understand the real cost to plans’ participants for administrative services.” At $1.78 billion in assets, there was no leveraging of the plans’ bargaining power to benefit plan participants. The lawsuit also mentioned that the employment of two separate recordkeepers, TIAA-CREF and Vanguard, caused the participants to pay “duplicative, excessive and unreasonable fees.”

www.pionline.com; May 26, 2017.