One of the best ways that employers can support any employee who is behind schedule on retirement savings is through access to education and support – matching contributions or profit sharing into a 401(k) are tremendously helpful.
Ex-employees are suing Verizon as well as State Street Global Advisors, which served as the “independent fiduciary” in putting the deal together to manage the pensions of 56,000 retirees.
The online retailer has been hit with a class action lawsuit, alleging it violated its ERISA fiduciary duties by using forfeited 401(k) funds to offset the company's own contributions instead of reducing administrative fees for over 20,000 participants.