Tagged With "ERISA"

Participants of the Xerox Corp. 401(k) Savings Plan have filed an Employee Retirement Income Security Act (ERISA) lawsuit against Xerox Corp., its plan administration committee and various individual defendants alleging imprudent recordkeeping fees. The plaintiffs say the defendants used its in-house recordkeeper and passed Xerox’s fees on to the plan’s participants. Xerox HR Benefit Services, a wholly owned subsidiary of Xerox, was hired as the plan’s recordkeeper in 2013, according to...

HP sued over use of forfeited 401K dollars Lawsuit filed on behalf of plaintiff Paul Hutchins in a US federal court in northern California, claims HP has taken forfeited funds – money the IT giant pledged to contribute to workers' 401(k) pots but unclaimed because employees left before their vesting periods – and used the money for its own benefit rather than keeping the cash in the staff retirement plan. The complaint, citing ERISA's "anti-inurement" provision, claims that such funds cannot...