San Francisco 401(k) Mismanagement Attorneys
401(k) & Retirement Plan Mismanagement
Employer-sponsored 401(k)s and other retirement plans remain among the most popular retirement planning tools in the United States. These types of retirement plans are heavily regulated by the Employee Retirement Income Security Act (ERISA), as well as other state and federal laws. However, this does not prevent negligent and wrongful conduct by employers, account managers, and other parties.
When employers and other parties fail to properly manage employees’ retirement investments, those employees could have grounds for legal action. If you believe your employer mismanaged your 401(k), pension, or similar retirement plan, reach out to the team at Nichols Kaster LLP right away. Our experienced financial services litigators can help you pursue fair financial recovery.
Contact us online or call (877) 344-4628 to schedule a complimentary case evaluation with our San Francisco 401(k) and retirement plan mismanagement attorneys.
The Employee Retirement Income Security Act (ERISA) & Your Rights
The Employee Retirement Income Security Act, or ERISA, was established in 1974 to protect individuals participating in voluntary retirement and health plans. ERISA regulates how these plans must be structured, as well as the rights of plan participants.
Some of the many things ERISA does regarding retirement plans and management include:
- Mandates that plan participants receive proper information regarding features, funding, and more
- Instates minimum standards for plan participation, funding, benefit accrual, and vesting
- Outlines the fiduciary duties of employers, retirement plan managers, and others who control retirement plan assets
- Establishes a grievance and appeals process, as well as provides plan participants with the right to sue due to breaches of fiduciary duty
ERISA also protects the rights of those entitled to employer-sponsored pensions, including guaranteeing payment of certain benefits through the Pension Benefit Guaranty Corporation (PBGC) when defined benefit plans are terminated.
How Employers Mismanage Retirement Plans
Under ERISA and other state and federal regulations, employers and retirement plan managers are required to act in the sole interest of plan participants, utilize prudence and care when managing retirement plans, and uphold all applicable fiduciary responsibilities. However, this does not always happen.
There are many ways in which employers and other parties mismanage retirement plans, including but not limited to:
- Failing to offer adequate investment options
- Offering poor-performing target date funds (TDFs), proprietary mutual funds, etc.
- Charging excessive administrative, investment, or advisor fees
- Failing to offer investment products with lower fees when available
- Benefiting financially from investment products offered, through rebates or shared revenue
- Failing to pay partial or full benefits after an employee retires
- Wrongfully terminating a 401(k), 403(b), pension, or similar retirement plan
If you believe your employer has mismanaged your retirement plan, contact our San Francisco 401(k) mismanagement attorneys at Nichols Kaster LLP to discuss your legal rights and options at no cost.
Types of Retirement Plan Disputes We Handle
The financial service litigation group at Nichols Kaster LLP has earned national renown for its commitment to representing the rights of consumers, employees, and others who have been negatively affected by wrongful financial business practices.
As part of our practice, we handle a wide range of 401(k) and retirement plan disputes, including those involving:
- Financial services company self-dealing
- Excessive and unreasonable fees
- Imprudent investments
- Failure to pay retirement benefits
- Poor-performing investment options
- Failure to provide adequate plan information
- ERISA violations and regulatory noncompliance
- Breaches of fiduciary duty
We handle cases involving 401(k)s, 401(b)s, Roth IRAs, pensions, health and welfare plans, and more. Our large, experienced team has robust resources and in-depth knowledge of the legal system, as well as state and federal regulations regarding retirement plan management.
Why Choose the 401(k) Mismanagement Lawyers at Nichols Kaster LLP?
Your financial security after retirement is important. At Nichols Kaster LLP, we understand the challenges you are facing, and we have the legal skill to effectively advocate for you. Our San Francisco retirement plan mismanagement attorneys are here to assist you throughout the legal process, offering personal attention and one-on-one attorney support. As a client, you will receive direct access to your attorney, as well as our entire staff of knowledgeable legal professionals. We answer calls 24/7 and provide legal services in both English and Spanish.
For a complimentary case evaluation, call (877) 344-4628 or contact us online.
Our team of passionate, talented professionals work every day on advancing and protecting people's rights. No entity is too big to play fair, so please don’t hesitate to reach out to our firm to discuss the details of your situation.