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Employee Benefits › Department of Labor (DOL) › Forfeiture

Bond Schoeneck & King PLLC

401(k) Forfeiture Litigation: Implications for Plan Sponsors

Bond Schoeneck & King PLLC on

Background - In a wave of class-action litigation beginning around 2023, plaintiffs have alleged violations of fiduciary duties under the Employee Retirement Income Security Act (ERISA) and prohibited transaction rules in...more

Morris, Manning & Martin, LLP

A Friendly DOL Amicus Brief on Forfeitures

Morris, Manning & Martin, LLP on

On July 9th, the Secretary of Labor filed an amicus brief with the Ninth Circuit relating to the appeal of Hutchins v. HP, Inc. In that case, a participant claimed that forfeitures should have been used to offset plan...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Schlicter targets Charter in Forfeiture case

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

Schlichter Bogard, LLC represents participants of the $7 billion Charter Communications, Inc. 401(k) Savings Plan in a class action against Charter Communications, Inc....more

Shipman & Goodwin LLP

Plan Forfeiture Litigation: A Trend to Watch

Shipman & Goodwin LLP on

The most recent wave of ERISA litigation is focused on the use of plan forfeitures in 401(k) plans, with the newest case, Armenta v. WillScot Mobile Mini Holdings Corp. being filed just last week. Although, for years, many...more

The Wagner Law Group

Forfeiture Accounts Hold More Than Nonvested Employer Contributions

The Wagner Law Group on

The Wagner Law Group continues to monitor the ongoing flood of “forfeiture” litigation. This alert is our seventh reporting on and analyzing the nature of the claims raised by plaintiffs, the defenses asserted against them,...more

The Wagner Law Group

Forfeiture Cases – Update

The Wagner Law Group on

Last year, we alerted you to the filing of several class action lawsuits alleging that plan fiduciaries violated their duties of prudence and loyalty under Title I of ERISA by applying forfeitures to reduce employer...more

Kaufman & Canoles

ESOPs, Benefits & Compensation Q2 2024 Client Update

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On behalf of the ESOPs, Benefits & Compensation team, we hope your Summer is off to a great start. In the time of family vacations and out-of-office replies, the pace of employee benefits changes—both large and small—remains...more

Jones Day

Another 401(k) Plan Sponsor Faces Novel Suit Regarding its Use of Forfeiture Funds

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The Employee Retirement Income Security Act ("ERISA") plaintiffs' bar has found a new way to allege that 401(k) plan sponsors have breached their fiduciary duty....more

Verrill

Use of Retirement Plan Forfeitures: The IRS Proposed Regulations, Recent Litigation, and the DOL’s Position

Verrill on

In five recently filed class action lawsuits, 401(k) plan participants allege that plan fiduciaries violated ERISA by using plan forfeitures to offset employer contributions instead of paying plan expenses. The use of...more

Bricker Graydon LLP

Forfeitures Account - The Next New Topic of ERISA Litigation Trends & Should You Be Concerned?

Bricker Graydon LLP on

A handful of new ERISA litigation cases (including McManus v. Clorox Co., N.D Cal. No. 4:23-cv-05325) are taking aim at forfeiture accounts and trying to pull them into the never-ending list of ways in which retirement plan...more

Neal, Gerber & Eisenberg LLP

Employee Benefits Alert

Neal, Gerber & Eisenberg LLP on

Use of Forfeitures for Safe Harbor Contributions, QNECS and QMACS - The Internal Revenue Service (IRS) recently issued final regulations allowing forfeitures in 401(k) plans to be used to fund safe harbor contributions,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Forfeitures can be a compliance headache

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

Defined contribution plans such as 401(k) plans have a forfeiture provision if there are contribution in the plan that are not immediately vested. The problem with the forfeiture provision is that they are usually neglected...more

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