Kaiser Foundation Sued for Retirement Plan Stable Value Fund (1)

Kaiser Foundation Health Plan Inc. was hit with a proposed class action saying it wrongly offered its workers a poorly performing stable value fund as an investment option in their retirement plans.

The lawsuit, filed Tuesday in the US District Court for the Northern District of California, takes aim at four retirement plans that together hold more than $25 billion and cover more than 100,000 people. Workers lost out on retirement savings in each of these plans because of Kaiser’s decision to offer a stable value fund that produced poor returns and was ill-suited to weather the post-pandemic economic ...