Fort Worth 401k Lawyers > Fort Worth 401k Lawyers


Fort Worth 401k lawyers help clients in Fort Worth, Dallas and other parts of Texas with 401k problems. 401k plan problems can have a serious impact on employment and retirement decisions. 401k plan assets commonly make up a large portion of savings for many families. If your employer harms your 401k plan savings then you should talk to a Fort Worth 401k lawyer right away.

401k plan problems in Fort Worth, Texas

401k plans are defined contribution plans offered by many employers. They are popular retirement savings vehicles which allow access to investments and tax-deferred savings. Employees defer wages to the plan on a tax deferred basis. The employer may also make various contributions. The employee can choose from 401k investments to invest funds on a tax deferred basis. This gives the employee an opportunity to compound gains not available in a typical brokerage account. The employer also gains a tax benefit on contributions paid to the plan.

401k plans are expensive to manage. Employers spend a lot of money administering 401k plans. This creates a lot of opportunities for mismanagement although employer gain a tax advantage from its contributions. Sometimes employers abuse the 401k plan because they cannot afford to manage it correctly. Sometimes they use the 401k to self-deal, resulting in side deals for their own benefit. Employers also want to limit administrative costs because that is an added labor cost. That in turn creates an incentive to find ways to make the plan cheaper, often leading to a less beneficial 401k for employees.

401k plans and ERISA

401k plans are governed by ERISA, a federal law designed to protect employee benefits. ERISA sets high standards for 401k plan management. Common ways employers violate ERISA include:

  • Failing to make employer contributions within the plan rules
  • Failing to timely deposit employee deferrals and employer contributions
  • Engaging in fraudulent transfers from the 401k plan
  • Failing to maintain required records
  • Failing to prudently select investments

When employers violate ERISA they can be liable to employees, retirees and beneficiaries. Damages in an ERISA suit brought by a Fort Worth 401k attorney include lost benefits and attorneys fees. ERISA claims are incredibly complex because the statute and its regulations are so complex. 401k plans involve an intersection of benefits law, tax law, employment law and securities law. That is just not a common skillset for many lawyers.

What Fort Worth 401k lawyers can do for you

Fort Worth 401k lawyers can help clients resolve conflicts over benefits payable from the plan. Fort Worth 401k lawyers can also help resolve problems with imprudent investment selections by the plan administrator and other plan management. Imprudent investments in a 401k plan can result in unnecessarily large management fees that drain your retirement savings. Do not assume that just because the plan includes mutual funds from reputable mutual fund providers that these funds are prudent for your 401k plan.

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