ATTN: Hoag Memorial Hospital Employees – Hoag Sheltered Savings Plan Excessive Fee Class Action Investigation
Hoag Sheltered Savings Plan Excessive Fee Class Action Investigation
An investigation has commenced regarding Hoag Memorial Hospital for allegedly mismanaging the assets of the Hoag Sheltered Savings Plan (the “Plan”). Those affected are (i) current and former employees of Hoag Memorial Hospital (and Affiliates) (ii) that have or had investments in the Plan for the period beginning December 31, 2015 to the present. Have you had issues with excessive fees on your Hoag Sheltered Savings Plan? If so, we’d urge you to look into the Hoag Sheltered Savings Plan Excessive Fee Lawsuit Today!
Join the Hoag Sheltered Savings Plan 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”) your employer 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 has held, it is a breach of fiduciary duty for a plan sponsor to waste employee assets by paying unnecessary fees. The DOL 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 Hoag Sheltered plan relate to:
- The Prudential Stable Value Fund
- Prudential QMA Mid-Cap Value Q
- The IFX LT Balanced Fund
- PIMCO Stocksplus Intl(USD – Hedged) Instl
- Eaton Vance Atlanta Capital SMID-Cap I
- PIMCO Income Fund Instl
- Rowe Price Global Technology
- BlackRock Health Sciences Opps Instl
- PIMCO Stockplus Fund Inst
- Rowe Price QM US Small-Cap Growth Equity I
These funds are suspected of consistently underperforming their benchmarks and charging excessive fees.
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.
Editor’s note on the Hoag Retirement Plan Excessive Fee Class Action Investigation:
This piece is written about recent troubles issues with your Hoag Retirement 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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