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The holidays will be even happier for some 80,000 current and former participants in Caterpillar’s 401(k) plan. The construction equipment manufacturer has settled a lawsuit charging the employer with excessive 401(k) fees, agreeing to pay $16.5 million to participants, EBN sibling Money Management Executive reports.
The company also agreed to replace retail mutual funds in the plan with lower-cost institutional funds and hire an independent consultant to review the plan for the next two years.
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The CRO of retirement plan provider Human Interest explains how employers can simplify retirement plans and boost participation.
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