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Mealey's Labor & Employment - MIT Agrees To $18.1M Settlement Of ERISA Claims In Massachusetts

BOSTON - A class of participants in a Massachusetts Institute of Technology (MIT)-sponsored retirement plan moved unopposed Oct. 28 for preliminary approval of a settlement with the university that calls for an $18.1 million payout, annual training for plan fiduciaries, a request for proposal for record keeping and administrative services, as well as other relief (David B. Tracey, et al. v. Massachusetts Institute of Technology, et al., No. 16-11620, D. Mass.).
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