Evergy 401(k) Fund Challenge Advances, Secures Class Treatment

Evergy Inc. workers challenging the target-date funds in their 401(k) plan scored court orders certifying their case as a class action and allowing them to press claims against the plan’s investment adviser.

The workers plausibly alleged that defendant SageView Advisory Group LLC acted as a plan fiduciary and failed to promptly address the declining performance of certain funds in violation of its own investment policy, Judge Stephen R. Bough said. Several of the plan’s funds allegedly experienced performance drops that should have—but didn’t—trigger immediate action under the investment policy, which is enough to state a claim for fiduciary breach under ...