A federal judge in Atlanta has dismissed an ERISA lawsuit against NCR Corp., because the plaintiffs failed to exhaust all administrative remedies before suing.
The plaintiffs — one former participant and one current participant — sued in December 2022, later amending their complaint. They alleged the 401(k) plan charged excessive record-keeping fees and failed to conduct periodic RFPs to check if less expensive record-keeping services were available, in the case of Mirabal et al. vs. NCR Corp. Plan Administration Committee.
U.S. District Judge Steve C. Jones wrote on Feb. 6 that because the plaintiffs didn't pursue all administrative review procedures, he didn't address the breach of fiduciary duty complaint.
Although plaintiffs initiated an administrative review process in February 2023, "there is nothing to indicate the outcome of the mandatory appeal process," the judge wrote. "Therefore, the court concludes that plaintiffs have failed to fully exhaust their administrative remedies."
The NCR Savings Plan, Atlanta, had $1.71 billion in assets as of Dec. 31, 2022, according to the latest Form 5500.