Plaintiffs allege Tyson violated the Employee Retirement Income Security Act by charging excessive Recordkeeping Administrative (RKA) fees.
FAYETTEVILLE, Ark. — Tyson employees filed a Class Action Lawsuit against Tyson Foods, Inc. and its Board of Directors on Nov. 30.
According to court documents, the employees argue that Tyson, through their recordkeeping company, had their employees pay excessive fees toward their retirement savings plan. The plaintiffs accused Tyson of making decisions on Recordkeeping Administrative (RKA) fees that did not benefit the employees.
The three plaintiffs were all participants and beneficiaries of Tyson’s Retirement Savings Plan, which is controlled by Tyson Foods, Inc.
The lawsuit alleges the “plaintiffs and class members paid all of these excessive Total RKA fees in the form of direct and indirect compensation to the [retirement] plan and suffered injuries to their plan accounts as a result.”
Under the Employee Retirement Income Security Act (ERISA), companies are required to protect individuals who use their retirement and health plans.
According to the employees, Tyson violated ERISA …