As an employee who is saving for retirement, you are told to expect variations in the value of your 401k over time. The market fluctuates. Unanticipated events impact the value of blue chip stocks. But, in the end, if you save enough for a long enough period of time, you should ultimately have the funds you need to live comfortably in retirement.
But, what if you don’t? What if you review your monthly statement or log into your online account and see that the value of your portfolio has dropped significantly? What if you were on the path to retire at 66 or 67 (or retire early at 62), and now you are facing the prospect of working well into your golden years?
The Realities of 401k Fraud
Unfortunately, 401k fraud is a very real issue for many retirement investors. From stock market fraud that diminishes the value of a company’s shares to improper management of investor funds and charging of excessive fees, there are numerous issues that can lead to substantial losses, and that can often go undetected for long periods of time. While the Employee Retirement Income Security Act (ERISA) provides protections, too often individuals of all ages are forced to take legal action to recover fraudulent losses. If you are concerned about financial fraud impacting your 401k, you should take action as soon as possible, and this starts with contacting a financial fraud lawyer who is experienced in dealing with 401k and ERISA-related matters.
Learn More about 401k Fraud
As a 401k investor, it is important to be able to spot the warning signs of fraud and know what you can do to protect your investment portfolio. For more information, we encourage you to read:
- What is ERISA? – Learn how ERISA protects 401k investors, and the obligations it imposes on companies that offer retirement plans to their employees. Find out how an attorney can help you take action to protect your rights under ERISA.
- How to Report 401k Fraud – In addition to seeking to recover their retirement savings, 401k investors can also report fraud in order to prevent ongoing or future illegal activity. Learn about ERISA’s protections for whistleblowers and how you can report 401k fraud.
- 401(K) Plan Stock Drop Cases – Drops in the value of a company’s shares can have devastating consequences for 401k investors, particularly those whose portfolios are heavily concentrated in their employer’s stock. If a drop in a company’s stock price is the result of a breach of fiduciary duty, legal and financial remedies may be available under ERISA.
- Excessive 401(k) Provider Fees – Do you know how much of your 401k investment income gets paid to your plan manager and other service providers? Excessive fees can eat away at the value of your retirement portfolio, and they are considered a form of financial fraud.
- When You Need to Hire an ERISA Attorney – When is it time to hire a lawyer to recoup losses in your 401k? Answer these six questions to determine if it makes sense to schedule a free consultation.
Speak With a 401k Loss Lawyer at Zamansky LLC
Zamansky LLC is a financial fraud law firm that provides nationwide legal representation for retirement investors who have suffered fraudulent 401k losses. If you have questions about your rights and would like to speak with an attorney in confidence, you can call (646) 663-5628 or contact us online for a free consultation.