Retirement should be a time to relax and enjoy the fruits of years of labor, but too many employees are left with insufficient retirement income. Today, most workers have 401(K) plans to provide them with savings for their future. Employees contribute to these plans expecting that they will be managed appropriately and money will be there to provide for them when they need it. Unfortunately, employers sometimes fail to fulfill the obligations to their workers that the company took on when facilitating the creation of a 401(K) plan.
The Employee Retirement Income Security Act of 1974 (ERISA) imposes numerous requirements on private employers who offer pension plans to employees, including companies offering 401(K) plans. ERISA imposes a fiduciary duty on employers, which means companies have the highest level of responsibility to act with loyalty in the best interests of workers. As part of this obligation, employers must ensure that all 401(K) plan fees are reasonable in relation to the services being provided. When employers fail, litigation can arise and Zamansky LLC can help.
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Litigation based on excessive 401(K) plan fees can be very complicated, but Zamansky LLC can help. Our firm is focused on ERISA cases and our 401(K) lawyers are legal and financial professionals with a comprehensive understanding of best practices for pension plan management. We represent clients in ERISA class action litigation and provide assistance to clients in using all available legal tools to seek recourse when their pension funds have suffered because their employers have let them down. When you need a lawyer, our firm is here for you.
Can A Lawyer Help You Recover Lost Funds?
If your 401(K) has lost value due to excessive fees, you may be entitled to make a case for compensation against your employer and plan managers. It is up to plan sponsors to monitor for excessive fees being charged by plan service providers, and the assessment of excessive fees can take many different forms including:
- Revenue sharing payments that result in excessive compensation to plan managers
- Selecting actively managed mutual funds
- The utilization of retail share classes
- The use of bundled service providers
Determining whether fees were excessive is a factually driven question that requires an in-depth understanding of ERISA rule as well as an understanding of customary fees charged within 401(K) pension plans.
The 401(K) attorneys at Zamansky LLC have decades of experience in the financial industry. Our firm can provide a case evaluation to help you determine if 401(K) plan fee litigation is possible based on how your funds were managed. We also offer representation to clients pursuing an or pursuing other litigation aimed at recovering funds lost due to a failure on the part of plan sponsors to look out for your interests.
Our 401(K) Lawyers Can Help
The attorneys at Zamansky LLC have more than 60 years of collective experience with financial litigation, how to report 401(K) fraud, financial arbitration, and ERISA cases. We understand the laws protecting employee benefits and we understand the securities industry. We have recovered millions in compensation for clients whose trust was abused by investment plan managers, financial advisors and companies that were supposed to protect them.
Our firm has the resources and experience to manage ERISA class action litigation and to explore all other legal options for employees who suffered due to excessive 401(K) fees. Our attorneys are routinely cited by the media and in professional publications on employee benefits issues and we have served as lead counsel on major cases including claims arising against some of the largest companies in the United States.
When your retirement security is at stake, you can trust the experienced 401(k) lawyers at Zamanksy LLC to handle your ERISA claim. Give us a call now to learn how we can help with 401(K) plan fee litigation.