A McDonald’s class action lawsuit investigation is underway as employees of the global fast food chain allege the company mismanaged 401k funds. McDonald’s managers claim that the mistreatment of their investments has dropped the value of their financial savings plans leaving them in a vulnerable retirement position.
Class action attorneys are currently looking into McDonald’s employee allegations to find out if the restaurant giant may be making risky investments that are not in the best interest of its workers. McDonald’s employs more than 700,000 workers worldwide and all corporate/managerial level positions qualify for the tax-deferred 401k savings plan.
McDonald’s Employee Benefits
With roughly 32,000 fast food restaurants in more than 100 countries worldwide, McDonald’s takes pride in investing in the future of its employees. The McDonald’s 401k plan allows managers and corporate level employees to put up to 50 percent of their paycheck into the retirement savings plan.
In addition, McDonald’s employees can see their investment dollars matched by the corporation. For example, each $1 of the first one percent that employees contribute, McDonald’s will contribute $3. The fast food corporation also matches dollar for dollar the next four percent that employees invest and some workers also enjoy a discretionary profit-sharing contribution of two percent.
According to the fast food corporation, McDonald’s benefits, including the 401k program, are design to “attract, retain and engage talented people who will deliver strong performance and help McDonalds achieve our business goals and objectives.”
The program is a way to encourage corporate managers to save for retirement while they work for McDonald’s. However, employee allegations claim the 401k plans may not be earning as much as the company promotes.
Employee positions that qualify for McDonald’s 401k plan include:
- Store Managers
- Shift Managers
- Crew Trainers
- Supervisors
- Assistant Managers
- District Trainers
- District Manager Supervisor
- Director of Operations
Some in the financial community consider McDonald’s 401k program one of the better options for retirement in the nation. However, McDonald’s managers are concerned that if the corporation makes poor fiduciary choices with their investments, employees could be left with little or nothing to retire on.
McDonald’s 401k Lawsuit
Under the Employee Retirement Income Security Act (ERISA), corporations like McDonald’s are legally required to comply with various guidelines while managing 401k funds. ERISA was established in 1974 to make sure companies like McDonalds follow strict rules when it comes to employee retirement plans and pension standards.
If McDonalds and other corporations are found to be taking risks with their employee 401k investments, they would be considered liable under ERISA and would be fined accordingly.
Numerous McDonald’s employees working as supervisors, crew trainers, shift managers and other corporate positions have joined the 401k class action lawsuit investigation hoping to recover some of their financial loss. Currently the law has established a six-year statute of limitations for lawsuits like this one so its imperative that those interested in joining the investigation act quickly.
If you suspect your employer has irresponsibly invested your retirement portfolio, resulting in a loss of value of your 401k savings plan, contact a class action attorney to see if you can join a lawsuit investigation.
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.
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