Consulting Co. Workers Say Iffy 401(k) Funds Cost Them $85M

By Kellie Mejdrich (January 13, 2022, 5:22 PM EST) -- Workers hit consulting company Milliman Inc. with a proposed class action in Seattle federal court Thursday, saying the company ran afoul of the Employee Retirement Income Security Act by offering risky investment options that caused its retirement plan to lose $85 million.

Plan participant Joanna P. Mattson accused Milliman and the company's board of directors, as well as the retirement plan's investment committee and administrative committee, of violating federal benefits law by offering three poorly performing target risk funds as part of the company's 401(k) plan beginning in 2013. The company had a responsibility to monitor the funds they were offering...

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