Koch Industries Accused Of Mismanaging Retirement Plans
Law360 (July 17, 2020, 6:11 PM EDT) -- Koch Industries Inc. was hit with a proposed Employee Retirement Income Security Act class action Friday, accusing the company of squandering millions of dollars of its workers' retirement savings on unnecessarily high record-keeping costs for their retirement plans.
In their complaint, David Kinder and Tracy Scott said Koch let their plans pay up to six times more in fees than other similarly sized plans even though the Koch Companies Defined Contribution Master Trust had "significant leverage to negotiate record-keeping expenses."
The master trust governs several retirement plans for Koch employees, including the Georgia-Pacific Hourly Plan that Kinder and Scott participated in,...
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