A former participant in an Oshkosh Corp. 401(k) plan sued the vehicle manufacturer and its fiduciaries, alleging a series of ERISA violations in their management of the plan.
The participant alleged that plan executives authorized "unreasonably high fees" for record keeping and kept certain investment options in the plan "despite the availability of identical or similar investment options with lower costs, and/or better performance histories," said the complaint filed Tuesday in a U.S. District Court in Green Bay, Wis.
"In addition, the plan generally chose more costly 'actively managed funds' rather than 'index funds' that offered equal or better performance at substantially lower cost," said the complaint in Albert vs. Oshkosh Corp. et al., which seeks class-action status.
"These investment options and unreasonable fees cannot be justified," the complaint said. "Defendants' failure to monitor and improve investment options confirms more than simply sloppy business practice."
A company representative did not respond to a request for comment.
The Oshkosh Corp. and Affiliates Tax Deferred Investment Plan, Oshkosh, Wis., had assets of $1.11 billion as of Dec. 31, 2018, according to the latest Form 5500.