401k and 403b Excessive Fee Litigation California

Breach of Fiduciary Duty with 401k and 403b mismanagement is when the managers of your 401k or 403b are not managing the funds ethically and or properly. It is a serious issue that has come to light in recent years. The law for managing these 401k and 403b plans and specifically what qualifies as mismanagement is a complex issue but not for our Attorneys at Bradley/Grombacher LLP. Because each 401k and 403b mismanagement cases are very different, we recommend that you reach out to us for a Free Consultation so we can give you specifics of your individual case.

The IRS describes a 401K and 403b plans as a tax-qualified retirement accounts that eligible employees can contribute to for their retirement. For the most part, 401k and 403b plans are regulated by the Employee Retirement Income Security Act which is known as ERISA. The ERISA regulations state that 401k and 403b administrators owe fiduciary duties to plan participants and their beneficiaries. If the administrators of the 401k or 403b plans mismanage the plan, they may be Liable for resulting losses.

It is important to know that just because you “think” the administrators are doing a bad job or because your account is not going up in value, doesn’t mean you have a case. In order to have a case you have to Prove that the administrators violated their fiduciary duties under ERISA. Here is what ERISA states are the 401k and 403b administrator duties:

• Act solely in the best participants & beneficiaries;
• Perform with reasonable prudence & competence;
• Comply with the foundational documents of the plan;
• Avoid charging unjustifiably fees and/or expenses.

The 4^th item above is the most common type of Mismanagement of your 401k or 403b. However, each case and plan is different. If you think the value of your 401k or 403b has been damaged by mismanagement, please call us for a Free Consultation with an experienced 401k and 403b claims lawyer, so we can review your specific case and give you the options.

Contact Bradley/Grombacher for a free case evaluation by reaching out to our employment law firm online or calling (866) 881-0403.

ERISA requires all pension plans to have a written procedure for processing benefits claims and a process to appeal the decision if the claim is denied. The plan is required to provide a written notice about why a claim is denied and how to file an appeal.

When an appeal is denied, the plan is required to provide written notice explaining the reason for the denial and any other opportunities that may be available to further appeal the decision. The plan is also required to provide a statement informing the claimant of the right to seek judicial review of the denial.

If you believe your pension plan failed to follow the requirements of ERISA, it is a good idea to consult with an ERISA lawyer in Agoura Hills and Westlake Village who has experience with ERISA to discuss your options. Although most ERISA claims are settled through an administrative process, it may be necessary to file an ERISA lawsuit in cases in which valid benefits are denied or when plan administrators breach their fiduciary duties to plan participants.

Contact our firm online to schedule your free initial consultation.

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