December 14, 2017

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December 11, 2017

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Union Retirement Plan Hit With Class Action Lawsuit Alleging Excessive Fees

On Nov. 30, a class action lawsuit was filed against the trustees of the Supplemental Income 401(k) Plan, a union retirement plan that covers more than 27,000 Teamsters as well as other union-represented employees. The lawsuit was filed in federal court in California – where the $921 million retirement fund is based.

The 26-page complaint alleges that the retirement plan failed to offer “lower priced alternative classes of mutual funds” that were available on the market as compared to the funds provided for by the plan. The complaint further asserts that the union retirement plan paid excessive administrative fees to record keepers.

This will be an interesting case to watch, as lawsuits against union retirement plans related to administrative fees are relatively rare. Stay tuned.

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About this Author

David J. Pryzbylski, Barnes Thornburg Law Firm, Labor Law Attorney
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David J. Pryzbylski became interested in labor relations early on in high school, having grown up next to several of the largest steel mills in the world. Fittingly, Mr. Pryzbylski now is a member of Barnes & Thornburg LLP’s Labor & Employment Department. Building on his life-long fascination with labor law, Mr. Pryzbylski concentrates his practice on traditional labor matters. Specifically, he routinely assists clients with developing union-avoidance training, drafting collective bargaining agreement provisions, developing collective bargaining negotiation strategies, decertifying...

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