Union 401(k) Plans
Over the past few years, a growing number of multi-employer unions have started offering supplemental defined-contribution savings plans, 401(k) plans, to their workers.
401(k) plans allow workers to contribute pretax money directly from their paycheck, choose their investments, and possibly receive employer-matching contributions
However, like private corporate 401(k) plans, union 401(k) plans can be subject to the same mismanagement & self-dealing, allowing workers to pay excessive fees for plan investment products or services such as investment management and administration.
Union 401(k) plans are subject to ERISA, the federal law that governs private 401(k) plans. As such, those responsible for sponsoring, managing, administering a union 401(k) plan are subject to the same laws that have held private corporate 401(k) plans accountable for excessive fees charged to workers or other losses.
Our firm in partnership with other class action law firms are taking steps to hold those responsible for managing large union 401(k) plans accountable.