Pension & Benefits Daily™ covers all major legislative, regulatory, legal, and industry developments in the area of employee benefits every business day, focusing on actions by Congress,...
Aug. 16 — Columbia University is the ninth prominent college to be sued this month over the fees charged by its retirement plan ( Doe v. Columbia Univ., S.D.N.Y., No. 1:16-cv-06488, complaint filed 8/16/16 ).
Last week, St. Louis law firm Schlichter Bogard & Denton filed coordinated ERISA lawsuits against Yale, Duke, MIT and other top colleges. The lawsuits all focus on the large number of investment options offered in the colleges' 403(b) retirement plans, among other things.
The latest lawsuit, filed Aug. 16 against Columbia by New York-based Sanford Heisler LLP, closely echoes and even quotes many of the arguments made in Schlichter's lawsuits—specifically, that the university's retirement plan included too many investment options and charged excessive fees for record keeping and plan investments.
To contact the reporter on this story: Jacklyn Wille in Washington at email@example.com
To contact the editor responsible for this story: Jo-el J. Meyer at firstname.lastname@example.org
Text of the complaint is at http://www.bloomberglaw.com/public/document/Doe_v_Columbia_University_et_al_Docket_No_116cv06488_SDNY_Aug_16_.
Copyright © 2016 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)