Lawsuit filed against Duke University over retirement plan

[TexasTowelie]

ST. LOUIS — A St. Louis law firm says it has filed a class action lawsuit against Duke University on behalf of more than 20,000 of its employees enrolled in the school's contribution retirement plan.

A statement from Schlichter, Bogard & Denton on Wednesday said the lawsuit was filed in U.S. District Court for the Middle District of North Carolina.

Attorney Jerry Schlicter said Duke caused plan participants to pay millions of dollars in fees for record keeping, administrative and investment services.

The plaintiffs also say Duke failed to consider or offer lower-cost investment alternatives, and selected and retained a number of duplicative options, some of which had historically underperformed.

Read more: http://www.journalnow.com/news/state_region/lawsuit-filed-against-duke-university-over-retirement-plan/article_11212247-1588-5294-b053-e52d91ca8486.html

[Travis_0004]

1. We need a law change on 401k

I think an employee should be allowed to open a 401k with any company that want, then have their contributions deposited in that account.

I have an IRA with Fidelity (and a 401k from a previous job).

I should be allowed to go to fidelity, and open a 401k, and every week have my 401k deposited into that account, instead of being forced to use what my company has chosen.