Participants in a 401(k) plan run by TriHealth Inc., a Cincinnati-based health-services company, have sued alleging fiduciary breaches, including high fees and too few index funds.
"TriHealth's decision-making, monitoring and soliciting bids from investment funds was deficient in that it resulted in almost no passively managed funds options for plan participants, resulting in inappropriately high administrative plan fees," said the complaint filed July 26 in U.S. District Court in Cincinnati.
"TriHealth could have chosen passively managed funds to offer even as an alternative to plan participants," said the complaint, which is seeking class-action status, in the case of Forman et al. vs. TriHealth Inc. "These passively managed funds would have resulted in significantly lower administrative fees yet generated comparable returns."
A call to the company seeking comment was not immediately returned.
The complaint said at least 12,168 participants are affected by the fiduciary breach allegations.
The TriHealth Inc. Retirement Plan had assets of $153.1 million as of Dec. 31, 2017, according to its latest Form 5500 filed with the Labor Department.
