AEGON 401K Plan Excessive Fees Lawsuit

Cases about excessive fees in 401(k) plans have led to significant changes in fee structures over the past several years. Bailey & Glasser has recovered millions of dollars on behalf of participants in 401(k) plans sponsored by financial companies. Some of these companies offer a wide range of unaffiliated investment products at low cost. Other companies offer their own products, but with substantial rebates to their employees. But AEGON and some other companies use their employees’ retirement savings as a profit center and charge very high fees well above market rates for multi-billion dollar plans. Instead of taking advantage of the plan’s size and bargaining power to offer low-cost, best-of-breed retirement funds, AEGON and other companies force their employees in to the employer’s products without offering any competing choices. The costs to employees are high. Just a 1% difference in fees can mean the difference between 15 years or 20 years of savings for retirement.

 

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