Reyes Holdings was established in 2013 and offers accounting, payroll processing, tax preparation, retirement planning, business consulting and technology support for businesses nationwide. They provide employee benefits including medical and dental coverage as well as life and disability coverage along with flexible spending accounts and vacation/paid time off benefits. Their office is located in Rosemont Illinois where over 100 staff members are on staff.
Reyes Holdings is facing allegations that its 401(k) retirement savings program shortchanged plan participants with excessive fees and poor investment performance, according to a newly filed federal court lawsuit in Chicago. Three former employees named as plaintiffs seek class-action status as plaintiffs representing all current and past plan participants.
Reyes is charged with violating federal Employee Retirement Income Security Act regulations when overseeing his company’s pension investments, such as record-keeping fees eating into returns of company 401(k) assets and underperforming several well-known target-date funds such as Fidelity Investments, T. Rowe Price and State Street funds.
In its lawsuit, Reyes is asked to pay back any differences between its underperforming target-date suite and those offered by other firms, as well as provide minutes from meetings of its plan committee overseeing 401(k).
Reyes Holdings declined to respond to the allegations in this lawsuit filed by Capozzi Adler attorneys, who have successfully negotiated settlements in similar 401(k) sponsor cases on behalf of Massachusetts Institute of Technology (MIT), Princeton University and Boston-based software firm PTC as clients.
Reyes offers its employees a competitive salary and benefits package that exceeds industry norms, with special attention paid to workplace safety. Reyes encourages its employees to participate in ongoing professional development programs that support career advancement opportunities; vacation and sick days are available, along with pet-friendly policies and free fitness classes. In addition, employees may take advantage of an employee assistance program and free on-site child care for additional convenience.