ERISA

Don’t Take Forfeitures for Granted
Team SummitEmployer Resource Center, Fiduciary GovernanceComments are off for this post
Retirement plans have long subjected employer contributions to vesting schedules, rewarding tenure by increasing the participant’s ownership in those contributions in proportion to their years of service. However, several law firms have recently challenged this long-standing and common practice, arguing that using forfeitures to offset employer contributions is not in the best interests of participants  Read More →
Amazon Faces Allegations of Mismanaged 401(k) Funds
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
Amazon.com Inc. and the administrative committee overseeing its 401(k) savings plan have been hit with a class-action lawsuit alleging improper management of employee forfeiture funds. The lawsuit, Curtis v. Amazon.com, was filed in the U.S. District Court for the Western District of Washington and claims that Amazon fiduciaries engaged in self-dealing by using forfeited plan  Read More →
GAO on Crypto in 401(k)s: Risks and Oversight Challenges
Team SummitEmployer Resource Center, Fiduciary Governance, Plan InvestmentsComments are off for this post
Recent findings from the Government Accountability Office (GAO) highlight critical considerations for sponsors exploring cryptocurrency as a retirement plan investment option. The GAO report emphasizes that while cryptocurrency assets remain a small portion of the 401(k) landscape, they carry significant risk. Known for their high volatility, crypto assets like bitcoin can lead to substantial swings  Read More →

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