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Hy-Vee retirement plan class action lawsuit overview:
- Who: Theresa L. Rodriguez, Zachary M. Shank, Michael P. Mansberger, Heidi L. Detra, and Tim Campbell filed a class action lawsuit against supermarket chain Hy-Vee Inc.
- Why: Rodriguez, Shank, Mansberger, Detra, and Campbell claim Hy-Vee and its board of directors charged excessive recordkeeping fees for its 401(k) retirement plan.
- Where: The class action lawsuit was filed in Iowa federal court.
Supermarket chain Hy-Vee burdened its 401(k) retirement plan members with excessive recordkeeping fees, a class action lawsuit filed last March alleges.
Plaintiffs Theresa L. Rodriguez, Zachary M. Shank, Michael P. Mansberger, Heidi L. Detra, and Tim Campbell claim Hy-Vee charged more than $63 per person as recordkeeping fees for its 401(k) retirement plan.
The group of five current and former Hy-Vee 401(k) retirement plan participants argue the recordkeeping fees were almost triple the annual amount paid in seven comparable employee benefit plans they identified.
Class certification was granted this week, meanwhile, for more than 55,000 persons and immediate family members who were participants or beneficiaries of Hy-Vee’s 401(k) retirement plan since March 1, 2016.
Hy-Vee board of directors failed to scrutinize every investment option in 401(k) retirement plan, says class action
Comparable retirement plans from Dow Chemical Company and Rite Aid cost $23 and $30 per person, respectively, according to the Hy-Vee class action, reports Law360.
Rodriguez, Shank, Mansberger, Detra, and Campbell reportedly claim Hy-Vee’s board of directors also failed to look over every one of the investment options offered in its 401(k) retirement plan.
The class action lawsuit was previously trimmed in October 2022, with claims regarding investment management fees dismissed at that time, reports Law360.
Rodriguez, Shank, Mansberger, Detra, and Campbell claim Hy-Vee and its board of directors violated the Employee Retirement Income Security Act.
A separate class action lawsuit was filed against Hy-Vee in August 2022 by a consumer arguing the company failed to make its website fully accessible to and independently usable by individuals who are blind or visually impaired.
Have you participated in Hy-Vee’s 401(k) retirement plan since March 2016? Let us know in the comments!
The plaintiffs are represented by Mark K. Gyandoh and Donald R. Reavey of Capozzi Adler PC, and Jeanette M. Keller of Bowman DePree & Murphy LLC.
The Hy-Vee retirement plan class action lawsuit is Rodriguez, et al. v. Hy-Vee, Inc., et al., Case No. 4:22-cv-00072, in the U.S. District Court for the Southern District of Iowa.
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