Gotta give Tyrel Oates credit. He’s taken a unique approach to increasing his salary — he wants all his co-workers to get a raise, too. All 300,000 of them.
HR pros will want to keep a close eye on a 401k lawsuit the High Court just agreed to take up — because depending on how this unfolds, employees may have even more power to come after their employers for charging excessive plan fees.
One might assume that a leading retirement plan provider would operate an impeccable retirement program for its employees. In this case, that assumption would be mistaken.
Despite the fact auto features are proven to bolster workers’ 401k participation/contribution rates, some firms aren’t sold on these features.
Few things strike fear in employers’ hearts like a DOL audit. After all, most of the feds’ investigations result in firms shelling out serious cash in fines or settlements or both.
The latest figures on the DOL’s 401k enforcement efforts give employers some compelling reasons to take a closer look at their retirement administration practices, as well as some clues on the types of issues that generally set the feds off.
Employers are well aware that the feds are aggressively looking into company-sponsored 401k plans for compliance issues. So it’s alarming to find out that the vast majority of plans the DOL looked at last year ran afoul of ERISA in some way.
When one now infamous CEO mentioned a few of his employees’ health conditions, it didn’t take long for the public outcry to come. Are people making too much of this CEO’s comments, or did he actually break the law?
It’s not uncommon for companies to offer their own stock as a major investment option in their 401ks. But the Supreme Court just agreed to hear a case that could change all that.