Hackensack Meridian Health Sued Over Employee Retirement Plans

New Jersey hospital network Hackensack Meridian Health Inc. was hit with a proposed class action saying its retirement plans are plagued by excessive fees and a poorly performing stable value fund.

Hackensack Meridian mismanaged a pair of retirement plans that held a combined $3.5 billion in 2023 by offering participants a stable value fund from TIAA that produced “underwhelming” returns despite carrying unnecessary risks, four plan participants said in a lawsuit filed Feb. 14 in the US District Court for the District of New Jersey.

The plans also paid TIAA—which isn’t a party to the lawsuit—excessive recordkeeping and administrative fees …