Hy-Vee’s Class Action Claims Retirement Plan Includes Excessive Records Keeping Fees

Retirement


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A close-up of the Hy-Vee sign against a blue sky.
(Photo credit: Ken Wolter/Shutterstock)

Hy-Vee Retirement Plan Class Action Summary:

  • WHO: Teresa L. Rodriguez, Zachary M. Shank, Michael P. Mansberger, Heidi L. Detra and Tim Campbell have filed a class action lawsuit against supermarket chain Hy-Vee Inc. rice field.
  • why: Rodriguez, Shank, Mansberger, Detra, and Campbell allege that Hy-Vee and its board charged excessive recordkeeping fees to their 401(k) retirement plans.
  • where: A class action lawsuit was filed in federal court in Iowa.

Hy-Vee, a supermarket chain, allegedly charged members of its 401(k) retirement plan excessive recordkeeping fees in a class action lawsuit filed last March.

Plaintiffs Teresa L. Rodriguez, Zachary M. Shank, Michael P. Mansberger, Heidi L. Detra, and Tim Campbell allege that Hy-Vee was awarded a per capita 401(k) retirement plan record keeping fee. Claims to have charged over $63.

A group of five current and former Hy-Vee 401(k) retirement plan participants found that recordkeeping fees were approximately three times the annual amount paid in seven comparable employee benefit plans they identified. It claims to have doubled.

Meanwhile, class certification was granted this week to more than 55,000 individuals and immediate family members who have been participants or beneficiaries of Hy-Vee’s 401(k) retirement plans since March 1, 2016.

Class Action Claims Hy-Vee Board Did Not Scrutinize All Investment Options for 401(k) Retirement Plan

Similar retirement plans for Dow Chemical Company and Rite Aid cost $23 and $30 per person, respectively, according to the Hy-Vee class action lawsuit, Law360 reports.

Rodriguez, Shank, Mansberger, Detra, and Campbell allege that Hy-Vee’s board of directors also failed to review each of the investment options offered in the 401(k) retirement plan. reportedly.

Law360 reported that the class action had already been dismissed in October 2022, and the investment management fee claim was dismissed at that time.

Rodriguez, Shank, Mansberger, DeTora and Campbell allege that Hy-Vee and its board have violated. Retirement Income Security Act.

In August 2022, consumers filed another class action lawsuit against Hy-Vee alleging the company. Failure to make the website fully accessible It can be used independently by visually impaired people.

Have you joined Hy-Vee’s 401(k) retirement plan since March 2016? Let us know in the comments!

Plaintiffs are represented by Mark K. Gyandoh and Donald R. Reavey of Capozzi Adler PC and Jeanette M. Keller of Bowman DePree & Murphy LLC.

of Hy-Vee Retirement Plan Class Action Lawsuit teeth Rodriguez et al. v. Hy-Vee, Inc. et al.U.S. District Court for the Southern District of Iowa, Case No. 4:22-cv-00072.



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