February 9, 2015 – A lawsuit claims retirement plan provider and asset manager Aegon USA caused superfluous fees to be charged to its own retirement plan.
A participant in the Aegon Companies Profit Sharing Plan has sued Aegon USA, some of its subsidiaries and trustees of the plan, alleging they violated the Employee Retirement Income Security Act’s (ERISA) requirement to act for the best interest of plan participants.
The complaint says the defendants burdened the plan with layers of superfluous fees; the plan pays fees higher than its peers; and the fees go mostly to Aegon, which serves as recordkeeper and investment manager for the plan through its affiliates Transamerica Asset Management, Transamerica Financial Life Insurance Company, and Diversified Retirement Corporation—now rebranded as Transamerica Retirement Solutions.
In a statement to Plan Adviser, the company said: “Reflecting our core mission, Aegon and Transamerica provide retirement plans and matching contributions to our employees to help them prepare for a secure and confident retirement. We remain deeply committed to fair and transparent communications with our employees regarding fees and expenses associated with employees’ retirement plans.
Our business complies with all applicable state and federal statutes and regulations, and participates in periodic regulatory reviews. The allegations asserted against the Aegon/Transamerica employees’ retirement plan are without merit.”
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