NEA sued over retirement plan
The National Education Association faces a federal lawsuit accusing it of breaching its duty to members by recommending a high-cost retirement plan in exchange for millions of dollars from the managers of the plan. The suit was filed by two of the 57,000 schoolteachers who the suit says invested $1 billion in a so-called 403(b) retirement plan endorsed by the NEA. The suit contends that by endorsing, marketing and selling a retirement plan, the NEA became both sponsor and administrator to the plan's participants.