401(k) Fee Violations

401(k) Fee Violations

The performance of many employees’ 401(k) plans has suffered due to the equity market downturn, but also due to a frequently overlooked issue – excessive fees. Employers routinely place employees’ hard-earned money into 401(k)’s with a dizzying array of fees that benefit themselves and various middlemen at the expense of the employee. For example, some 401(k) contributions are plundered by “front and back-end loads,” “12b1 fees,” “investment management fees,” rollover fees,” “distribution fees,” ”QDRO fees,” “deconversion fees,” “profit sharing fees,” plan amendment fees,” “restatement fees,” “participant search fees,” “loan maintenance fees” and more. A recent study by NerdWallet showed that a 25-year-old investing $10,000 into a 401(k) and paying just 1% in fees lost more than $590,000 by his or her retirement. And, most 401(k) fees are substantially higher than this.

Fees taken are often poorly disclosed on 401(k) statements or not disclosed at all. The fact is that if you see that your accounts are not performing well, the reason is generally that the money was invested in a plan with large amounts of fees – which inevitably substantially reduces your potential gains.

If you are unhappy with the performance of your 401(k), please contact us for a free evaluation of your plan. Oftentimes, when employee 401(k) plans perform poorly, an individual or class action lawsuit is meritorious. Recent rulings from the courts have enabled these lawsuits to proceed in ways that were previously impossible. If your plan is underperforming, you may have a case against your current or former employer.

Contact us today for a free evaluation.

Results That Speak for Themselves

  • Cisco $20 Million
  • Confidential Defendant $17.4 Million
  • Bank of America $16.7 Million
  • Abercrombie & Fitch $9.6 Million
  • Toys 'R' Us $7.5 Million
  • Verizon Wireless $6.9 Million
  • Big Lots $6.5 Million
  • Sprint $4.9 Million
  • Paramount $2.4 Million
  • Bed Bath & Beyond $2 Million
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