Iron Mountain Sued Over Retirement Plan’s Administrative Fees
Iron Mountain Inc. was hit with a proposed class action by former employees who say the Massachusetts information management company’s 401(k) plan is plagued by high fees.
The lawsuit says the recordkeeping fees associated with Iron Mountain’s $651 million retirement plan are well above what a properly managed plan of similar size would pay. The Iron Mountain plan paid as much as $152 per person in annual recordkeeping fees, when a reasonable fee for these services would have been closer to $33 per person, according to the lawsuit.
The plaintiffs, two former Iron Mountain employees who seek to represent a …