Law and the Courts are Moving Against 401(k) “Junk Fees”

The US Supreme Court recently ruled 9-0 in favor of a class-action lawsuit against a 401(k) provider who was skimming fees. Among other things, this 401(k)-provider skimmed unnecessary fees from its clients' 401(k) assets for years. This landmark Supreme Court ruling, which was a unanimous decision, clearly indicates that the legal system is on the side of 401(k) savers and not on the side of 401(k) fee skimmers and 401(k) pick-pockets.

According to a report published by AARP (American Association of Retired Persons), the highly respected nonprofit serving millions of retired seniors, most 401(k) savers are unaware they are paying 401(k) fees from their accounts and how much money they are losing. Based on a comprehensive multi-year study of 401(k) plans across the country, the AARP report reveals that skimmed or hidden fees generate billions for unscrupulous 401(k) providers. The AARP report further reveals that 401(k) fee skimming reduces the typical worker’s 401(k) by $155,000 over a 30-year timespan. That is a staggering 40% loss! If the skimming had been stopped, the typical 401(k) skimming victim would have had an additional $155,000 for retirement. For a free copy of this AARP report, visit their website (https://aarp.org) or request a copy from us, and we will email it to you as a PDF file.

If your 401(k) is a victim of fee skimming, simply ask your provider to explain or justify it. You can then decide if you want to join a class-action lawsuit. To learn more, please respond to this email, and we will send you the names of the law firms in your area currently putting together 401(k) fee class-action lawsuits. If your company’s 401(k) meets their criteria, they will sign you up at no cost. In addition, the Pension Trade Association can provide the names of low-cost 401(k) providers specializing in small business 401(k)s and guarantee never to skim fees.

Employers, especially small business owners, must be aware of 401(k) fee skimming because it causes permanent, irreversible harm and loss to their employees’ retirement savings. This is not just a financial issue but a matter of protecting your employees' future. Protect your employees and yourself by looking deeper into 401(k) fee skimming. If your company is a 401(k)-fee skimming victim, consider joining a class-action lawsuit and finding a new 401(k) provider who guarantees no fee skimming, ever. This is a crucial issue that requires your immediate attention.

The Pension Trade Association, a California-registered nonprofit, is delighted to present a comprehensive list of national law firms, each with a proven track record of successfully litigating against 401(k) providers. These firms have consistently secured favorable outcomes in court or through substantial settlements, demonstrating their expertise and success. The Pension Trade Association has meticulously selected these firms based on client satisfaction and success rate. It's important to note that none of these firms are affiliated with or financially support the nonprofit Pension Trade Association. We are confident that this information will be valuable to you, and we assure you that no cost or obligation is associated with using it.

Moreover, we would like to highlight the names of two 401(k) providers who offer low-cost 401(k) plans to small businesses. These providers guarantee that fees are never deducted from their clients' 401(k) assets. All payments for their services are transparent and come directly from the small businesses they serve. We have carefully selected the following providers for recommendations based on your company's location and size.

Providers Specializing in 401(k) Plans to Small Business:

• 401k Easy (https://www.401keasy.com)
• No Fees 401(k) (https://www.nofees401k.com)

We are confident that the national law firms listed below will meet the needs and expectations regarding the current or future formation of class-action lawsuits targeting 401(k) fees, among other things.

Law Firms Specializing in Pension Litigation

• Capozzi Adler
• Wenzel Fenton Cabassa
• Miller Shah
• Christina Humphrey Law
• Walcheske & Luzi LLC
• Wenzel Fenton Cabassa
• Morgan & Morgan [in conjunction with   Wenzel Fenton Cabassa]
• Nichols Kaster
• Tower Legal Group
• Schlichter Bogard & Denton, LLP
• Fair Work
• Hayes Pawlenko
• Baillon Thome Jozwiak & Wanta LLP
• Bailey & Glasser
• Roberts Law
• Cohen Milstein
• Sanford Heisler Sharp, LLP
• Izard Kindall & Raabe
• Foulston Siefkin
• Edelson Lechtzin
• McKay Law
• Ducello Levitt
• Hacker Stephens
• Sharp Law LLP
• Pomerantz LLP
• Scott & Scott