Schlichter Bogard & Denton Reaches Preliminary $18.1 Million Settlement on Behalf of MIT Retirement Plan Participants
On October 28, 2019, a class of current and former Massachusetts Institute of Technology retirement plan participants represented by Schlichter Bogard & Denton filed a motion for preliminary approval of an $18.1 million settlement in an ERISA fiduciary breach case. Employees and retirees had alleged, among other things, that MIT’s retirement plan overcharged participants and offered poorly performing investments.
The proposed settlement incorporates significant nonmonetary relief designed to protect plan participants going forward, including a requirement that defendants conduct a request for proposal for recordkeeping services and provide annual training to plan fiduciaries on prudent practices under ERISA.
“We are pleased that the MIT employees and retirees will not only receive compensation but also benefit from an improved plan which will enable them to build their retirement assets for the future,” said managing partner Jerry Schlichter.