VALIC Sued Over Surrender Fees Charged to 401(k) Plan
VALIC Sued Over Surrender Fees Charged to 401(k) Plan The lawsuit says VALIC engaged in a prohibited transaction, as well as self-dealing, in violation of ERISA when surrender fees were charged during the transfer of assets to a new provider. Reported by The administrator of the D.L. Markham, DDS, MSD, INC. 401(k) Plan has filed a lawsuit against the Variable Annuity Life Insurance Co. (VALIC) over fees he says were improperly withheld from plan assets. “Fundamentally, this class action seeks to right defendants’ wrongs of targeting and exploiting unsophisticated small employers seeking t...
Source: plansponsor.com