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There are thousands of McDonalds employees across the nation who rely on McDonalds’ 401k plan as their source of retirement income. McDonalds has the legal responsibility under the Employee Retirement Income Security Act of 1974 (ERISA) to protect the retirement for a McDonalds employee. However, McDonalds is being investigated by class action lawyers for allegedly making poor investment choices which has resulted in a reduced value of retirement plans for McDonalds employees. A McDonalds 401k class action lawsuit investigation is currently underway.
McDonalds is one of the largest companies in America and provides a strong retirement plan for employees. However, if the allegations are true that McDonalds is making bad investment 401k investment choices, then the security of McDonalds employees’ futures are at risk.
McDonalds 401k Plan
McDonalds employees are allowed to put anywhere between one and 50 percent of their pay into a 401k plan. McDonalds has claimed, on their career website, that they will match contributions by 300 percent for the first percent of pay contributed. McDonalds will also match 100% for every $1 for the next 4% contributed.
McDonalds employees also have the option to buy company stock which has potential economic and company ownership benefits.
McDonalds had invested 81% of McDonalds employee 401k savings in their own company stock by 2000. Another company, Enron, invested similarly in their own company, but Enron employees lost everything with a security fraud incident.
Now, under ERISA, McDonalds has certain responsibilities. McDonalds, as the fiduciary in this situation, must act in the best interest of its employees and provide employees with proper information concerning their retirement plan.
If a fiduciary fails to act in the best interest of the employees under the 401k plan, they have breached fiduciary duty and may have a lawsuit filed against them.
McDonalds 401k Class Action Lawsuit
Suspicions have arisen that McDonalds has made unwise or unsuitable investments, weakening the value of their retirement investments. A McDonalds 401k class action lawsuit investigation has been launched as a result of these allegations.
Currently, the McDonalds 401 class action lawsuit is covering McDonalds employees who have signed up for a retirement plan since 2007. However, the U.S. Supreme Court will be addressing the current statue of limitations on a separate 401k class action lawsuit. Though not directly related to McDonalds, the ruling may influence all present and future retirement plans and 401k lawsuits.
No McDonald 401k lawsuits have been filed yet as the McDonalds 401k class action lawsuit investigation continues.
Join a Free McDonalds 401k Class Action Lawsuit Investigation
A class action lawsuit investigation is currently underway to pursue the possibility of taking legal action against McDonalds for potentially violating ERISA. If you are a McDonalds employee who signed up for a McDonalds 401k account since 2007, you may have a legal claim.
One thought on McDonalds Employees 401k Plan Under Investigation
Mc Donald sure have 401k plan it will make a good choose