BY: Jason J. Thompson | IN: Class Action & Commercial Litigation
You’ve worked hard to save for your retirement and contributed to a 401(k) plan you thought was a well-managed, low-cost investment. Unfortunately, the executives and investment advisors that manage 401(k) plans don’t always have your best interests at heart.
The single biggest failure of plan administrators today is allowing excessive fees to creep into people’s retirement plans. According to the U.S. Department of Labor, the three most common types of 401(k) fees are:
Because plan fees are typically deducted directly from the participant’s investment returns, the amounts are hard to monitor. They also tend to increase automatically over time, often becoming excessive.
In the past few years, Anthem, Chevron, Cigna, Fifth Third Bancorp, Oracle, Reliance Trust, and the Vanguard Group have all been sued for allowing excessive fees to creep into their employees’ 401(k) plans.
If you believe your 401(k) plan is charging too much, the attorneys in Sommers Schwartz’s Complex Litigation Group are here to help. Please contact us today to discuss your rights under the Employee Retirement Income Security Act (ERISA). If the fees your plan charges are excessive, we will help you recover.
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Jason Thompson is a nationally board certified trial attorney and co-chairs Sommers Schwartz’s Complex Litigation Department. He has a formidable breadth of litigation experience, including class action and multidistrict litigation (MDL), and practices nationwide in both state and federal courts.