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Complaints Allege Improper Use of 401(k) Plan Forfeitures
PLANSPONSOR; registration may be required 
Oct. 10, 2023 "In two recent lawsuits, plan fiduciaries have been accused of violating ERISA by using plan forfeitures to offset future employer contributions, as well as to pay administrative expenses. The use of forfeitures ... to offset employer contributions is a longstanding practice explicitly permitted under Treasury regulations and consistent with guidance from the [DOL][.]" [Dimou v. Thermo Fisher Scientific, No. 23-1732 (S.D. Calif. complaint filed Sep. 19, 2023); Rodriguez v. Intuit, Inc., No. 23-5053 (N.D. Calif. complaint filed Oct. 2, 2023)] MORE >> |
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