Legacy Health Sued Over Retirement Plan Fund, Forfeiture Usage

Legacy Health was sued by four former employees who say the Oregon-based health system mismanages their retirement plans through a faulty stable value fund and improper use of plan forfeitures.

Legacy’s retirement plans, which together held more than $2.4 billion and covered 33,210 people as of 2023, allegedly offered a series of imprudent investments, including a stable value fund that provided meager returns despite carrying greater risk than other similar investments. The plans also offered an underperforming mutual fund that lagged its benchmarks, the employees said in a proposed class complaint filed Tuesday in the US District Court for the …