A 401(k) retirement plan is one of the most important financial benefits for employees, helping to secure long-term financial stability. However, breaches of fiduciary duty, such as mismanagement and corporate misconduct, can threaten your hard-earned savings.

Understanding your rights under the Employee Retirement Income Security Act (“ERISA”) is essential to protecting your 401(k) retirement plan funds and holding plan fiduciaries accountable.

ERISA Protections and Your 401(k)

ERISA provides essential protections for 401(k) retirement plan participants, including:

• Right to Information – You are entitled to key plan documents, such as the Summary Plan Description (“SPD”), annual reports, and account statements.
• Fiduciary Duties – Plan administrators must act solely in the best interest of participants, avoiding conflicts of interest.
• Protection from Mismanagement – Employers and fiduciaries must manage investments responsibly, control fees, and ensure transparency.
• Right to Legal Recourse – If fiduciary duties are breached, participants may have the right to seek legal action to recover financial losses.

What Is a Fiduciary Breach?

Fiduciary breaches occur when plan administrators fail to act in the best interest of participants or engage in misconduct, such as:

• Excessive Fees – Charging unreasonably high fees, reducing retirement savings over time.
• Poor Investment Management – Offering high-risk, underperforming, or conflicted investment options.
• Failure to Monitor the Plan – Neglecting oversight of third-party administrators or failing to correct mismanagement.
• Delayed Contributions – Employers failing to deposit employee contributions on time, which may impact investment growth.

Steps to Take if You Suspect Fiduciary Breaches or Mismanagement

If you believe your 401(k) retirement plan is being mismanaged, consider taking these steps to protect your rights:

1. Review Plan Documents – Check your SPD, account statements, and fee disclosures for inconsistencies.
2. Report to the Plan Administrator – Raise concerns with your employer or plan fiduciary.
3. File a Complaint – Report violations to the Department of Labor’s Employee Benefits Security Administration (EBSA).
4. Seek Legal Assistance – If you have suffered financial losses, you may have a legal claim.

How Kehoe Law Firm, P.C. Can Help

Kehoe Law Firm, P.C. is dedicated to protecting employees from 401(k) retirement plan fiduciary mismanagement. If you suspect a breach of fiduciary duties, our experienced attorneys can evaluate your case. Don’t let fiduciary mismanagement put your retirement savings at risk.

For a free, no-obligation legal consultation, send us a message or contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected]. 

About Kehoe Law Firm, P.C.

Kehoe Law Firm, P.C. is a nationally recognized, plaintiff-side class action firm dedicated to protecting investors and consumers from fraud and corporate misconduct. Our attorneys have served as Lead or Co-Lead Counsel in cases recovering over $10 billion on behalf of institutional and individual investors and consumers.

Through class action litigation, we hold corporations accountable for securities fraud, breaches of fiduciary duty, unfair or inadequate mergers and acquisitions, and antitrust violations. We also represent whistleblowers and prosecute data breach, consumer protection, and employment law violations, as well as cases involving retirement plan mismanagement and deceptive business practices. With a results-driven approach, we pursue impactful litigation to achieve meaningful results and recoveries for those we represent.

Our class action legal services are provided on a contingency-fee basis, meaning clients are not responsible for any fees or litigation expenses. 

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Tel: 215-792-6676

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