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Civil Plaintiff

Princeton Pays $5.8M to Settle ERISA Case

The trustees of Princeton University agreed to pay $5.8 million to settle an ERISA complaint filed by a participant in two university 403(b) plans.

In addition to the money, the university promised to keep record-keeping fees constant for three years starting when a U.S. District Court judge approves the agreement, according to the proposed settlement document filed Tuesday in the U.S. District Court of Newark, N.J.

The university also will “use commercially reasonable best efforts” to reduce record keeping fees as well as conduct an RFP for record-keeping services and for outside independent investment consulting services, said the document in the case of Nicolas vs. The Trustees of Princeton University.

Read the source article at Pensions & Investments

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