Did you incur an Excessive 401(K) fees as an employee participant? Did you receive a mail about a class action on the settlement to resolve claims that employees paid excessive fees or due to poor management? This review will help you partake in the class action settlement after confirming the authenticity of the mail.
What Is Excessive 401(k) fees Class Action Settlement?
Many people rely on employer-provided 401(k) accounts to save for retirement. While these are valuable tools, they can also come with significant fees. An employer has a duty to provide employees with a 401(k) option that is in the employee’s best financial interest. In some cases, high fees may make a certain 401(k) too expensive or not financially advantageous.
In these instances, employees may have a legal claim. If you are an employee and your 401(k) fees are too high, you may be able to take action against your employer or your 401(k) provider. Employers also have a duty to actively manage these accounts and when they fail to do so, they incur legal liability. You therefore may be able to hold these parties accountable and receive compensation for the excessive fees you paid for your 401(k) or for money lost due to mismanagement of your accounts. Contact a qualified attorney to see if you have a legal claim.
What Is This Class Action All About?
If your employer has chosen a 401(k) that charges fees and/or does not provide substantial benefit, they may not be adhering to their fiduciary duty.
The 401(k) market is a competitive one, so if one plan has not performed well and has comparatively high fees, your employer should be able to switch employee 401(k) accounts to another provider.
In some instances, employers even work against their employees’ best interests in setting up or managing these plans, and only to benefit themselves with fees and kickbacks from the providers. These actions are illegal and indicate the plan administrator is violating ERISA.
If you are being charged excessive fees for your 401(k), your plan provider might be violating the Employee Retirement Income Security Act by making plan choices that are not in your best interest. Similarly, if you simply notice that your 401(k) is performing poorly, you may have a legal claim and may be able to hold your plan provider accountable because your employer is not competently monitoring the plan. It can be difficult to determine if the employer is meeting its duty under ERISA, but that is where it helps to have a qualified attorney review the plan documents to see if things are acceptable or if a lawsuit is warranted.
Who Is Eligible?
The settlement benefits all class members who were excessively charged for a 401(K) plan or believe that their 401(K) account has been mismanaged.
How To Be Part of This Settlement
For a class member to partake in this settlement, they must submit their Valid claim on the settlement website.
What Is The Pay For This Settlement?
The pay for this settlement varies and the proof of purchase is not necessary.
Conclusion
As you submit your claim to the settlement website, just like Moda Insurance class action settlement we have reviewed , you’re doing so under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim.
