An Intermountain Healthcare Inc. subsidiary was hit with a proposed class action claiming its retirement plans offer “chronically underperforming” target date funds as the default investment option.
The lawsuit, filed Tuesday on behalf of a proposed class of more than 8,000 people, accuses Sisters of Charity of Leavenworth Health System of mismanaging a group of retirement plans that together held more than $1.8 billion in 2021.
Plan participants take aim at the organization’s decision to fill the plans with target date funds from JPMorgan Chase & Co., which isn’t named as a defendant. The JPMorgan SmartRetirement suite consistently …