Multi-Employer Plan Sponsor Settles 401(k) Fee Suit

Former plan participants in the Credit Union Retirement Plan Association (CURPA) multi-employer 401(k) plan have reached a deal to settle an ERISA suit over excessive fees. The case is Lucero, Brenda et al. v. Credit Union Retirement Plan Association et al., case number 3:22-cv-00208, U.S. District Court for the Western District of Wisconsin.

CURPA, a Wisconsin-based professional employer organization, provides services to credit unions, such as payroll, employee benefits, and other employee management tasks. One of those benefits is a multi-employer 401(k) plan with more than 20,000 participants with account balances at the end of 2020, as per the U.S. Department of Labor.

The federal district court judge has given the parties until August 2, 2024, to file a motion for preliminary settlement approval. He asked them to explain why he should approve a classwide settlement. Although class treatment is typically appropriate in ERISA excessive fee suits, the judge