The emergency medical services company has settled an ERISA lawsuit suggesting it failed to meet its fiduciary duties of prudence and loyalty in the operation of a staff retirement plan.
In addition to the payment into a settlement fund, Princeton has agreed to what the settlement agreement calls “therapeutic relief,” including a pledge to not raise fees.
John Hopkins University will settle a long-standing ERISA lawsuit—one of a number of virtually identical cases filed in district courts across the country by Schlichter, Bogard and Denton.
There are several bases on which the court could impose sanctions.
The news comes as a large number of ERISA lawsuits are playing out in the district and appellate courts across the U.S., testing whether 403(b) plan sponsors of major universities have sufficiently exercised their bargaining power or allowed inefficient recordkeeping arrangements to persist over long periods of time.
Mercer introduces their top 10 key tips for endowment and foundation (E&F) committees to understand and implement throughout the year.