The largest bank in Southern California, City National, has been accused overcharging its employees to process their retirement benefits. Companies are only allowed to charge employees for advice from consultants, hours spent working on the plans, and legal fees. City National did not keep accurate records of which employees spent time working on the retirement benefits, so proving how much was overcharged will be difficult. On Friday, a suit was filed against the bank with the U.S. Labor Department. Over the past 11 years, the bank charged its employees $4 million to process their retirement benefits.
See "City National Overcharged Workers for Retirement Plan Costs, Suit Says", E. Scott Reckard, Los Angeles Times, April 29, 2015