Among other allegations, the plaintiffs claim Voya engaged in an imprudent process while selecting and retaining proprietary target-date funds and a stable value option.
The complaint challenges the use of both allegedly outdated mortality tables and artificially high interest rate assumptions in the conversion of annuity types under multiple pension plans.
The lawsuit claims the veterinary hospital network’s retirement plan, which has more than $500 million in assets, should have paid lower fees for recordkeeping and administrative services.