VSP Retirement Plan Excessive Fee Class Action Investigation
An investigation has commenced regarding Vision Service Plan (VSP) for allegedly mismanaging the assets of the VSP Retirement Plan (the “Plan”). Those affected would include: (i) current and former employees of Vision Service Plan (and Affiliates) (ii) that have or had 401(k) account investments in the Plan for the period beginning April 1, 2014 to the present. Have you had issues with excessive fees on your VSP 401(k)? If so, we’d urge you to look into the VSP 401(k) Excessive Fee Lawsuit Today!
Join the VSP 401(k) Excessive Fee Investigation
The 401(k) account has become the primary means by which most employees in the United States save for retirement. Under the Employee Retirement Income and Security Act of 1974 (“ERISA”) you employee has an obligation under federal law to operate the plan solely in your best interest. A plan may select only prudent investment and charge only reasonable fees. As the United States Supreme Court held in its Tibble v. Edison decision, it is a breach of fiduciary duty for a plan sponsor to waste employee assets by paying unnecessary fees. The United States Department of Labor has consistently expressed concerns about the detrimental impact of fees on the growth of employees’ retirement savings. The U.S. Department of Labor estimates that over 35 years a 1% difference in fees and expenses can reduce a participant’s account balance at retirement by as much as 28%. U.S. Dep’t of Labor, A Look at 401(k) Plan Fees, 1-2 (Aug. 2013).
The potential losses and excessive fees in the VSP plan relate to:
These funds are suspected of consistently underperforming their benchmarks and charging excessive tees.
There also is an investigation into the use of the GoalMaker investment service, which has allegedly funneled participants retirement savings into underperforming investment options that pay excessive fees to Prudential.Join Today
Editor’s note on the VSP Retirement Plan Excessive Fee Class Action Investigation:
This piece is written about recent troubles issues with your VSP 401(k) plan and the claims alleged above. If you have gone through issues similar to what is covered above, we do ask that you contact us today!
If you are considered eligible to be among the class of consumers described in the article above, you may eventually be able to participate in receiving any compensation the court may award.
If you believe that what is alleged in this piece has affected you, please don’t hesitate to reach out to us. We’d be happy to help you take a step in the right direction, fight this issue, and better enable you to join the consumer class action. If interested, please send an email to Outreach@ConsiderTheConsumer.com, find us on Twitter or Facebook, or even connect with us directly on our website! We look forward to hearing from you all.
Similarly, please check out our current list of Class Action Lawsuits and Class Action Lawsuit Investigations, here.
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