Bank of America Sued by 401(k) Participants over Misuse of 'Forfeited' Funds

BofA employees filed a lawsuit last week alleging that the company mismanaged its 401(k) plan by using assets forfeited by former workers for its own financial benefit.

By Lynn Cavanaugh | August 14, 2024 at 10:00 AM

Another employer has been hit with a fiduciary breach class action lawsuit, alleging misuse of 401(k) plan forfeitures: Bank of America was sued by participants last week for improperly benefitting from the 401(k) plan money forfeited by employees who left the company.

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Retirement & Benefits

News

1 Another Pension Plan Risk-Transfer Lawsuit: Lumber Firm Sued over Its $1.5 Billion Transfer to Athene Annuity

2 Fed’s Focus Has Returned Firmly to Inflation

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5 U.S.–Euro Rates Gap Is Set to Widen Again

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Another Pension Plan Risk-Transfer Lawsuit: Lumber Firm Sued over Its $1.5 Billion Transfer to Athene Annuity

By Lynn Cavanaugh | December 19, 2024

Employees of Seattle-based Weyerhaeuser Company filed a class-action lawsuit over the transfer of plan assets to Athene Annuity & Life Assurance, alleging a breach of fiduciary duty, according to law firm Schlichter Bogard.

Another Pension Plan Risk-Transfer Lawsuit: Lumber Firm Sued over Its $1.5 Billion Transfer to Athene Annuity

How to Hedge the Interest Rate Exposure in Cash Balance Plans

By John Southall and Andrew Carter and Sabrina Ren | November 21, 2024

Many companies mitigate the interest rate risk of their cash balance plans with floors using a binary approach. Here’s a better option.

How to Hedge the Interest Rate Exposure in Cash Balance Plans

The Inflation Reduction Act’s Implications for Employer-Sponsored Health Plans

By Christine Cooper and Jack Towarnicky | November 12, 2024

By being prepared and implementing strategic solutions, employers can mitigate some of the financial pressures that may arise from the IRA, ensuring that their employees and retirees are better protected from the ripple effects of this landmark legislation.

The Inflation Reduction Act’s Implications for Employer-Sponsored Health Plans

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