AUGUST 11, 2018: Charter Communications logo displayed on a modern smartphone
These 401(k) forfeiture lawsuits challenging the use of retirement plan funds keep coming. On February 7, Charter Communications was sued over its US$7.8 billion retirement plan by three former employees in a proposed class-action lawsuit.
The telecommunications company’s 401(k) plan document explicitly required that plan forfeiture assets “were first required to be used to pay plan administrative expenses,” according to the lawsuit, O’Donnell et al v. Charter Communications Inc. et al., and only earmarked the funds for employer matching contributions after all administrative expenses were paid.
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