Northeast accused of mismanagement of the pension plan

By Madeline Lyskawa (July 1, 2022, 4:42 p.m. EDT) – A former Northeastern University employee sued the school in Massachusetts federal court, claiming retirement savers suffered a financial hit because their plan was struggled with excessive fees and offered below-average investment options.

Oscar Brookins said Thursday that Northeastern University and its 403(b) investment committee violated their fiduciary duties in violation of the Employee Retirement Income Security Act by failing to monitor service providers and trustees of the diet and not administering the diet properly.

By mismanaging the plan, the university limited plan participants to low-return, high-cost investment options, Brookins said in its complaint. Participants were also subjected to “drastically high” record-keeping costs for…

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