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Current and former McDonalds managers may be eligible to file a 401k lawsuit or join a free class action lawsuit against the fast food chain restaurant over allegations the company made imprudent investment choices with its 401k plan, causing them to lose money in their retirement fund and suffer decreased McDonalds employee benefits.
After retirement, many McDonalds managers depend on a 401k plan as their main source of income. When employers like McDonald’s allegedly invest 401k money into risky ventures and subsequently damage the value of the 401k, employees cannot take full advantage of their McDonalds employee benefits.
According to McDonald’s website, the restaurant chain’s employees are allowed to save 1 to 50 percent of their paychecks into a 401k retirement plan. In addition to this payment, McDonalds states it will match employees’ 401k contribution 300 percent for the first 1 percent of pay, and 100 percent for each dollar on the subsequent 4 percent contributed by the employee.
However, class action lawyers are investigating claims that McDonalds employee benefits may be in jeopardy. Allegations that McDonald’s may have breached its fiduciary duties by making unsuitable investments with employees’ 401k portfolios has led to a new McDonalds class action lawsuit investigation. McDonalds managers who invested in a McDonalds 401k plan since 2007 can join the investigation for free.
ERISA and 401k Plan Protection
In 1971, Congress established the Employee Retirement Income Security Act (or ERISA) to protect individuals’ retirement plans by setting minimum standards for pension and health plans offered to employees by businesses.
According to ERISA statutes, the people or entities responsible for managing employee benefits plans are required to follow the specific guidelines laid out by ERISA, which includes trustees, administrators and 401k investment committee members. Fiduciaries, like McDonalds, must act in their participating employees’ best interest by providing employees with information about the 401k plan. A fiduciary is also required to provide participating 401k employees with a grievance and appeals process.
McDonalds and other fiduciaries are mandated by ERISA laws to take care when managing 401k plan assets by avoiding conflict of interests and diversifying an investing employee’s portfolio. Should McDonalds or other fiduciaries breach its fiduciary duty by not acting in the best interest of their employees and risking the value of a 401k plan, they are at risk of being sued in an ERISA lawsuit for allegedly violating ERISA statutes.
McDonalds is not the only company suspected of risking employees’ 401k plan investments. According to news reports, the U.S. Supreme Court has agreed to review several class action lawsuits filed against Edison International, alleging the company offered their participating 401k plan participants mutual funds with higher costs when there were nearly identical mutual funds available at lower costs.
Join a Free McDonald’s 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 Managers Qualify for 401K Class Action Lawsuit Investigation
I’ve worked For Mc Donalds for almost 6 years i’ve had the 401k also