Comfort Systems Sued Over 401(k) Plan’s Stable Value Investment

A former Comfort Systems USA Inc. employee filed a proposed class action claiming the heating and air conditioning company’s 401(k) plan is plagued by a risky and poorly performing stable value fund.

The lawsuit, filed Tuesday in the US District Court for the Southern District of Texas, takes aim at the plan’s guaranteed income fund from Empower Annuity Insurance Co., which isn’t named as a defendant. This fund, which held more than $100 million in plan assets as of 2023, carried unnecessary risk and provided subpar returns while allowing Empower to earn excessive profits from the Comfort Systems plan, ...