Michigan’s Munson Healthcare will settle a proposed class action challenging the fees associated with its $397 million retirement plan.
Munson reached a tentative agreement with a proposed class of plan participants during a private mediation session held earlier this month. The parties expect to file a class settlement for court approval by mid-May, according to a status report filed Thursday in the US District Court for the Western District of Michigan.
The lawsuit claims the Munson plan’s annual recordkeeping and administrative fees grew from $69 per person to $120 per person over the past few years, when a reasonable fee ...