Anyone who owns any of Great-West's "Lifetime" target date funds.
What's a Target Date Fund?
A target date fund is a type of investment plan designed to allow someone to retire by a certain "target date." For instance, someone who is younger may select a target date plan 2055, while someone closer to retirement age may pick a 2025 fund.
If you own a “Lifetime” target date fund through Great-West Funds, you may be able to help get a lawsuit started against the investment company. Attorneys working with ClassAction.org have reason to believe that Great-West is charging excessive fees in connection with its “Lifetime” funds, which are designed to help people retire by a certain target date. The attorneys are trying to determine whether a lawsuit could be filed against the company, but first need to speak with people who own one of Great-West’s “Lifetime” funds to learn more about what’s going on.
What’s a Target Date Fund?
A target date fund is often a mutual fund or collective trust fund that is designed to allow an individual to retire by a certain year or “target date.” For instance, someone who is younger may have a 2055 target date fund, while someone closer to retirement age may choose a 2025 target date fund. People with Great-West’s “Lifetime” target date funds may own the funds through their 401(k) plans or through some other means, like a retail brokerage account. The Great-West “Lifetime” funds include five specific target dates:
Each of these funds is offered with three different glide paths options: aggressive, moderate or conservative.
Attorneys have reason to believe, however, that Great-West is charging fees that are excessive and disproportionate to the services they provide to owners of these funds.