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Member, Beacon International Group, Ltd.
A federal judge has denied motions to dismiss a lawsuit alleging fiduciaries of the Centerra Group L.L.C.’s 401(k) plan violated the Employee Retirement Income Security Act by selecting poorly performing collective investment trusts for the plan and allowing for excessive recordkeeping fees, reports Planadvisor. After Aon Hewitt Investment Consulting was hired by Centerra’s benefits committee as the plan’s discretionary investment manager Aon Hewitt replaced 11 actively managed equity, fixed-income and target-date funds with five CITs, managed by a banking affiliate of Aon Hewitt, which plaintiffs allege created a conflict of interest.