Koch Industries is now charged with excessive recordkeeping fees by current and former plan participants in the Georgia-Pacific Hourly Plan. The lawsuit against Koch Industries, Koch Business Solutions, and the Koch Benefits Administrative Committee alleges the trio violated the Employee Retirement Income Security Act (ERISA) concerning specific Koch-affiliated defined contributions (DC) plans.
The plaintiffs in the case claim the defendants “failed to prudently and loyally monitor and control the plans’ recordkeeping expenses. Instead, they allowed the plans to pay up to six times more than what similarly-sized plans would have paid for such services.” The company is now scrambling to get these accusations under control, concerned that the lawsuit will damage their company’s reputation.
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