Baystate Health Inc. Retirement 401(k) Plan – ERISA Class Action Investigation
Ahdoot Wolfson is investigating a potential class action against the Baystate Health Inc. Retirement Contribution Account Plan (“Plan”), a 401(k) retirement plan.
Based upon the Plan’s publicly-filed returns (Forms 5500) that are filed annually with the Department of Labor, it appears that the Plan may be charging Plan participants excessive fees for recordkeeping and other administrative costs associated with administering the Plan.
Every extra dollar charged to participants for Plan-related fees reduces participants’ hard earned retirement savings, as these fees are deducted directly from retirement account balances. The Employee Retirement Income Security Act (ERISA) requires that the individuals responsible for managing and administering the Plan–called fiduciaries–exercise care and prudence in selecting Plan service providers and monitoring the Plan so that those service providers’ fees remain at a reasonable level. Ahdoot Wolfson’s investigation indicates that the fees being charged to Ameren Plan participants may be unreasonable and excessive, in violation of fiduciary duties under ERISA.
If you are a current or former participant in the Baystate Health Inc. 401(k) Plan, the attorneys at Ahdoot Wolfson would like to discuss your retirement account and this class action investigation with you. Please reach out to us by filling out the form below, and one of the attorneys at Ahdoot Wolfson will promptly call you.