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Member, Beacon International Group, Ltd.
Clinical laboratory company Quest Diagnostics is the target of a class action complaint alleging the retirement plan balances of workers contributing to the company’s 401(k) profit-sharing retirement plan were depleted by excessive fees charged for in-plan investments, Plansponsor reports. Attorneys for the plaintiffs argue that Quest plan fiduciaries failed to disclose the fees paid to third-party providers by plan participants, did not employ a rigorous process to control in-plan fund investment fees and did not ensure workers would pay reasonable fees for core investments in the plan.