Request a Proposal

Wake Forest University Baptist Medical Center Excessive Fee Case

At issue in this case is the allegedly expensive funds offered within the Wake Forest Baptist Medical Center 403(b) Plan relative to those offered in similarly sized $1 billion plus plans. More specifically, expense ratios for the funds were up over 250% versus median expense ratios in the same investment categories. Also, even though lower class shares were introduced for the TIAA Lifecycle target-date funds in 2018, they were allegedly not instituted early enough, causing sizable damages to participants’ savings. Administrative fees are also cited as higher than plans of similar size, and cannot be justified, especially when, for a period of time, the costly funds available in the Plan offered revenue sharing, which was not returned to plan participants.

www.planadviser.com; June 10, 2021.