Ten employers and their retirement plan fiduciaries were recently sued for alleged ERISA violations because they offer the BlackRock LifePath Index target-date funds. BlackRock isn't a defendant.
The companies (and retirement plan assets) are:
- Microsoft Corp. ($48 billion)
- Citigroup Inc. ($20.4 billion)
- Cisco Systems Inc. ($16.4 billion)
- Capital One Financial Corp. ($7.9 billion)
- Marsh & McLennan Cos. Inc. ($6.9 billion)
- Booz Allen Hamilton Inc. ($6.8 billion)
- Stanley Black & Decker Inc. ($2.2 billion)
- Advance Publications ($1.5 billion)
- Genworth Financial Inc. ($911 million)
- Wintrust Financial Inc. ($541 million)
The asset size data reflect the latest Form 5500 or 11-K reports. Some results are as of Dec. 31, 2020, and other results are as of Dec. 31, 2021.