Citi Retirement Plan Poorly-Performing BlackRock TDFs ERISA Complaint

July 29, 2022

Defined contribution plans, such as 401(k) plans, have become the main form of retirement savings in the US. Unfortunately, companies do not have the same incentives to look after these plans as they did with defined benefit plans. The complaint for this class action alleges that Citigroup, Inc., its Board of Trustees, and the Administrative Committee of its Citi Retirement Savings Plan breached their fiduciary duties to the plan by selecting and/or retaining poorly-performing investment options in place of readily-available superior alternatives. The complaint brings suit under the Employee Retirement Income Security Act of 1974 (ERISA).