Retirement & Benefits

Shortly after the Supreme Court ruled on behalf of employees in the Cornell University excessive fees case, a similar suit was filed by Stifel employees over its profit-sharing 401(k) plan.

The North Carolina–based hospital system was sued by a former employee, who alleges that WakeMed used “forfeited funds to reduce company contributions to the plan” instead of using the funds to reduce "the amounts charged to plan participants” for administrative services.

This latest forfeiture lawsuit dismissal aligns with recent decisions from other federal courts rejecting challenges to employer use of forfeited funds from departing, unvested employees.

Plan sponsors must benchmark their available investments yearly and replace the underperforming funds, according to Abernathy Daley 401k Consultants.

The Guiding and Establishing National Innovation for U.S. Stablecoins Act for the first time establishes federal guardrails for digital assets pegged to the U.S. dollar.

The dismissal of the lawsuit alleging JPMorgan Chase misused departing employees’ “forfeited” funds aligns with other federal judges’ rejections of the misuse claim under ERISA.