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ARTICLE · 26 DECEMBER 2019

Walgreens' Target Date Fund Complaint Illustrates Need For Prudent Target Date Review Process

Kutak Rock LLP
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This August, participants in Walgreens' 401(k) plan, a $10 billion plan with approximately 130,000 participants, filed a class action lawsuit focusing on the Northern Trust Focus Target Retirement Trusts, the plan's target date fund series.

United StatesEmployment and HR
Employee Benefits and Executive Compensation Practice Group
Employee Benefits and Executive Compensation Practice Group

This August, participants in Walgreens' 401(k) plan, a $10 billion plan with approximately 130,000 participants, filed a class action lawsuit focusing on the Northern Trust Focus Target Retirement Trusts, the plan's target date fund series. The funds comprise approximately 30% of the plan's assets, and the participants are seeking more than $300 million in damages. The complaint provides an important illustration of the need to have a well-documented target date fund review process.

The participants bringing the lawsuit point to a number of factors that they suggest point to an inadequate selection and review process by the Walgreens plan fiduciaries. In particular, the plaintiffs allege that:

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