"The brief stated '… the Secretary's view that a fiduciary's use of forfeited employer contributions in the manner alleged in this case, without more, would not violate ERISA.' This is a powerful statement. This statement reinforces what plan sponsors and fiduciaries have understood and is very helpful. That said, the phrase 'without more' is also important because it notes that there may be situations where forfeitures should be used differently than offsetting employer contributions." [Hutchins v. HP Inc., No. 23-5875 (N.D. Calif. Feb. 5, 2025; on appeal to 9th Cir. No. 25-826)]   MORE >>