Working for Justice

Tag: Pension/401(k) Mismanagement

The Various Places Where Excessive Fees May Be Hidden in Your 401(k) Plan

So-called defined-contribution plans—such as 401(k) plans—have become “the primary private savings vehicle for most Americans’ retirement.”[1] The assets held by 401(k) plans have more than doubled over the past decade, and as of 2019, these plans held a whopping $6.4 trillion in retirement savings.[2] With trillions at issue and the retirement security of millions of […]

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Should Your 401(k) Plan Invest in Private Equity?

The U.S. Department of Labor (“DOL”) recently issued a guidance document explaining that 401(k) plans are permitted to invest in private equity funds, albeit only indirectly.[1] The DOL touts its new guidance as a policy that “level[s] the playing field for ordinary investors” and helps “ensure that ordinary people investing for retirement have the opportunities […]

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401(k) Participants Can Be Prime Targets of Cross-Selling Efforts

Participants in their company’s 401(k) plan have come to expect that their employer will protect their personal information from disclosure outside the plan. However, plan participants of Shell Oil’s 401(k) have filed a case in federal court in Galveston, Texas – Harmon v. Shell Oil Company – alleging Shell took no action to stop the […]

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Understanding 401(K) Documents: The Annual Fee Disclosure

401(k) documents are notoriously mystifying—and notoriously ignored. “I must say,” admitted Justice Ruth Bader Ginsburg at recent oral argument of the United States Supreme Court, “I don’t read all the mailings that I get about my investments.” For about 72 million American workers, 401(k)s are “nest eggs.” Employees expect their 401(k) investments, along with social […]

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Now is a Good Time to Judge Your Company’s Management of Its 401(k) Plan

No doubt you have seen the news recently about the stock market gyrations caused by the uncertainties arising from Covid-19.  Because many Americans’ retirement savings are invested directly and indirectly in the stock market, now may be the time to evaluate how your 401(k) is holding up through this market volatility. Foremost, a fund that […]

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It’s Great You Have a 401(k) – But Who’s Minding the Store?

In recent years, employees have been filing an increasing number of meritorious lawsuits against employers for 401(k) mismanagement.  These claims are in the tens of millions of dollars and range from disloyalty to imprudence to disregarding conflicts of interest.  Some of the more egregious claims come when employers populate 401(k) plans with their own expensive […]

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401(K) Mismanagement: How to Recognize the Signs

Each year, millions of hard-working employees invest billions of dollars in their employer’s 401(k) plans because they trust their employer to provide a best of class plan. Often, however, the employer’s endeavors are tainted by a failure of effort, competence and/or loyalty.  Employees’ hard-earned retirement savings are exposed unnecessarily to wasted fees and poor investment […]

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