Mass General Brigham Sued Over $10.2 Billion Retirement Plan

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Jan. 13, 2022, 8:15 PM

Mass General Brigham Inc. was sued Thursday in federal court by former employees who say the Boston-based hospital system mismanaged its $10.2 billion retirement plan by filling it with expensive investments and allowing service providers to charge excessive administrative fees.

The Mass General plan offered funds padded with extra layers of fees that cost plan participants more than $1.3 million in excess costs in 2020 alone, Mark Norton alleged in a proposed class action complaint.

And the plan’s administrative fee structure, which combined flat fees with asset-based revenue sharing payments, was a “worst-case scenario” for participants because it saddled them …