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Employee Benefits

Milliman hit with lawsuit alleging breach of fiduciary duty over 401(k) losses

January 17, 2022 Reprints

A participant in Milliman Inc.’s 401(k) plan has filed a lawsuit in federal court against the actuarial consultant alleging breaches of its fiduciary duties under the Employee Retirement Income Security Act, Plansponsor reports. The lawsuit, which names the Seattle-based company, its board of directors and members of its 401(k) committees, alleges that the poor performance of a suite of target-risk funds resulted in a nearly $250 million loss to participant accounts.

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Milliman hit with lawsuit alleging breach of fiduciary duty over 401(k) losses

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