One Brooklyn Health System Inc.‘s retirement plan is plagued by overly expensive target-date funds that could have been obtained for less money, an employee alleged in a proposed class complaint.
The New York City healthcare provider’s retirement plan, which held nearly $375 million and covered about 4,800 people as of 2023, allegedly offered a needlessly pricey suite of target-date funds from JPMorgan Chase & Co., which isn’t a party to the lawsuit. Identical funds were available in cheaper share classes, but One Brooklyn “lazily and imprudently” failed to negotiate a better deal, plaintiff Leslie Rosen said in a complaint ...