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N Cal Attorney
N Cal Attorney, Lawyer
Category: Employment Law
Satisfied Customers: 9215
Experience:  Since 1983
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The owner of the company I work also an investor of the

Customer Question

The owner of the company I work for is also an investor of the company that administers our 401K plan. The company was recently sold to an investment firm. Since the investment firm has taken over they have changed who administers our 401K plan. The plan fees are 60% less than the company that used to administered our plan which the owner was a major investor in.
To me this seems like a major conflict of interest. The company should have been looking out for its employees who invested in the 401K plan. But instead the owner only made more money off his employees.
What rights to the employees have in this matter?
Submitted: 8 months ago.
Category: Employment Law
Expert:  Maverick replied 8 months ago.

Welcome to Just Answer! My name is Maverick. (Here) is my profile. Please give me a few minutes to review, analyze and/or research your inquiry and I will be back. Thank you for your patience.

Expert:  Maverick replied 8 months ago.

I will need to opt out and let someone else more experienced in this area assist you. You do not need to do anything on your end. Your deposit is still in tact.

Customer: replied 8 months ago.
Ok thank you for you help.
Expert:  N Cal Attorney replied 8 months ago.

Thank you for your question.

This sounds like a breach of fiduciary duty, see

https://www.dol.gov/ebsa/publications/fiduciaryresponsibility.html

You can get a free consultation from some of the ERISA attorneys listed by location here.

Please follw up on this with a local attorney.

I hope this infrmation is helpful.