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Fiduciary Photo IllustrationWhile there has been a surge in 401(k) lawsuits against companies for Employee Retirement Income Security Act (ERISA) violations, the majority of retirement plans could be in danger of getting sued, since 84% have at least one likely ERISA “red flag” from a regulatory and/or fiduciary violation, according to Abernathy Daley 401k Consultants.
These findings from the consultancy in 401(k) plan administration and employee education firm indicate that over 600,000 American companies could be at potential risk of fines, legal penalties, and fiduciary failure. Abernathy-Daley analyzed the latest Form 5500 filings for 764,729 plans, identifying and tagging each plan with any red flags from their most recent filing. Abernathy-Daley defines red flag violations as either “infractions, fineable offenses, fiduciary failure, or plan malpractice” and are separated into two main categories:
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