It’s the worst thing you can imagine happening in your office: An employee opens fire, killing four co-workers — all because he was unhappy with the way his retirement plan was being managed.
That’s just what may have happened at ABB Group, a manufacturing facility, in St. Louis, MO. Employee Timothy Hendron opened fire, killing four of his fellow co-workers before turning the gun on himself.
He was suing over ‘excessive fees’
With Hendron dead, we might never know the motive behind his violence. But what we do know is he was among several employees suing ABB and its trustee, Fidelity Management Trust, for “unreasonable and excessive fees” in ABB’s retirement plan.
Of course this is the most extreme example of just how heated the issue of retirement plan fees can become.
But the learning is clear: Closely monitor 401(k) fees to make sure they’re fair — and confirm that employees agree.
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