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Many employees have a substantial portion of their life savings locked up in their company’s 401(k) plan or other retirement plan. In order to protect current and former employees from mismanagement of their hard-earned savings, the Employee Retirement Income Security Act (“ERISA”) imposes certain duties – known as “fiduciary duties” – on company officials who are responsible for managing and administering retirement plans.
According to the Department of Labor1, these fiduciary duties include:
Unfortunately, some companies breach their fiduciary duties and shortchange employees by:
If a company engages in any of these practices, federal law gives plan participants and their beneficiaries the right to recover their damages and obtain other relief pursuant to ERISA.
If believe that your company retirement plan has been mismanaged, our law firm may be able to help. We have a team of attorneys who are dedicated to representing current and former employees who have been wrongfully shortchanged due to excessive fees or imprudent investment options in their company retirement plan.
If you would like to learn more, please contact us.