The Employee Retirement Income Security Act of 1974 (ERISA) protects participants in employee pension plans and other benefit plans offered by employers. ERISA governs various types of retirement plans including pension plans, 401k plans and employee stock plans, and many medical, disability, and other benefit programs. Under ERISA, plan participants and beneficiaries may seek redress for breaches of fiduciary responsibility, denial of benefits, or failure to provide adequate disclosures of plan terms or benefit changes.
ERISA requires employers who sponsor retirement plans and any other entities that exercise control and discretion over plan assets (known as plan “fiduciaries”) to act prudently, loyally, and with the highest regard for the interests of the employees who participate in the plans when it comes to selecting investment options and investing plan assets. When these ERISA fiduciaries breach their duties, whether by investing plan assets imprudently, charging excessive fees, or engaging in self-serving transactions, plan participants can seek to hold them accountable for losses the plan suffers as a result.
Our firm has extensive experience in this type of ERISA litigation. We have represented plan participants and beneficiaries in numerous ERISA class actions, including claims that:
• 401k plans were being improperly charged excessive fees;
• 401k plans were improperly designed to benefit the plan’s sponsor at the expense of participants;
• ERISA fiduciaries imprudently invested plan assets causing losses to the plan participants.
If you believe that you or your retirement plan has been harmed by any these types of practices, please contact us. We can investigate your potential claim and advise you about your rights under ERISA.