Is Your 401k Shrinking Based Upon the Stock Market or High Fees?

In these uncertain economic times, workers have witnessed wild gyrations in their 401k accounts. A downturn in your 401k may be the result of the overall stock market decline, but something else also may be at play.

Employers who offer 401k plans use plan fiduciaries – trusted financial experts – to invest employee funds. However, these experts sometimes fail in their fiduciary duty, in violation of the Employee Retirement Income Security Act (ERISA).

ERISA requires the 401k plan fiduciaries to objectively and adequately review the plan’s investment portfolio with due care to ensure that each investment option was prudent in terms of cost, among other factors. In other words: Your employer needs to pick financial experts to manage the 401k plan who are looking out for the investor-employees’ best interests. ERISA violations may include the failure of the plan manager to minimize costs to the employee-investors by investing in more expensive funds when less expensive, comparable plans offering similar returns are available.

In these difficult economic times, finding out that you are paying for a “Cadillac” plan when a “Toyota” will provide comparable risks and returns at significantly less cost, is another hit to your wallet. Take a moment to review those 401k statements, with particular attention to the fees and costs. If you have questions, contact The Shavitz Law Group. You can call us at 800-616-4800, and we would be happy to assist you in a free consultation to discuss your employment concerns

YOU EARNED IT, NOW LETS GO GET IT.

Gregg Shavitz, Shavitz Law Group, 951 Yamato Rd Ste 285, Boca Raton, FL and 800 3rd Ave, Suite 2800, New York, NY. Lawyers licensed in states including FL, NY, NJ, and TX. The choice of a lawyer is an important decision and should not be based on advertisements alone.
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Law Firms Can Violate Wage and Hour Laws, Too.

Under-paid by lawyer employer

Under-Paid by Lawyer EmployerWhen you think about wage and hour compliance issues, you might overlook an entire group of employers that may be in violation: law firms.  While you might assume that attorneys would be in compliance with the law, remember they are businesses, too.  As with other businesses, it is not uncommon for law firms to cut corners when it comes to wage and hour compliance.

Law firms, which are understandably concerned with the rights of their clients, also need to look inward and make sure that they are protecting the rights of their own employees to the fullest extent of the law.

Law firms have the same potential pitfalls of any other business.  Shavitz Law Group has helped recover damages for law firm employees who have been under-compensated.  Areas of concern where employers may fail to properly track the hours of and pay properly non-exempt employees include:

  • work performed remotely, usually at home, but can include work performed while traveling or commuting;
  • work performed while monitoring cell phones for calls, texts, and messages at the employer’s request;
  • improperly classifying employees as exempt when they perform non-exempt work — one common misconception in the legal industry is that paralegals are exempt professionals. Under the law, however, salaried paralegals are still entitled to overtime wages for hours worked in excess of forty per week;
  •  work performed during an unpaid meal break.

If you have any questions about your entitlement to recover unpaid overtime, please call us. Just like any employer, law firms are prohibited from retaliating against any employee who pursues backpay and overtime. Additionally, the law requires employers who violate federal wage law to pay the employees’ attorneys’ fees and costs, so we can represent you without any costs or fees paid by you. Call us today at (800) 616-4000 for a free consultation.

You Earned It, Now Let’s Go Get It.

Gregg Shavitz, Shavitz Law Group, 951 Yamato Rd Ste 285, Boca Raton, FL and 830 3rd Ave, Floor 5, New York, NY.  Lawyers licensed in states including FL, NY, NJ, and TX.  The choice of a lawyer is an important decision and should not be based on advertisements alone.

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Are You One of the Millions of Workers Now Entitled to Overtime?

New decade new overtime rules

Millions EntitledAs of January 1, 2020, the U.S. Department of Labor’s (“DOL”) new final rule becomes effective.  The new rule makes an additional 1.3 million American workers eligible for overtime pay under the Fair Labor Standards Act (“FLSA”).  The rules allow workers to make more money in a salary and still be eligible for overtime.  Specifically, the new rule:

–   raises the “standard salary level” from the currently enforced level of $455 to $684 per week (equivalent to $35,568 per year for a full-year worker). This means a salary of $35,568 or less per year will not be a bar to overtime.

–   raises the total annual compensation level for “highly compensated employees (HCE)” from $100,000 to $107,432 per year. This means a salary of $107,432 or less per year will not be a bar to overtime.

This is the first time in 15 years that the DOL has raised the thresholds.  Therefore, many workers who have been working during this period may assume that they still are not eligible for overtime because they make too much in their salary.

The DOL acknowledges that the changes will make millions more American workers eligible for overtime.  Are you one of them? If you are affected by this threshold change or if you feel that you are owed overtime, call the Shavitz Law Group.   We can seek back-pay for time worked within the past 3 years under federal law and longer under certain state laws. Contact Shavitz Law Group at (561) 447-8888 or visit us at www.shavitzlaw.com for a free, no-obligation review of your circumstances and consultation regarding your rights.

You Earned It, Now Let’s Go Get It.

 

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Gregg Shavitz, Shavitz Law Group, 951 Yamato Rd Ste 285, Boca Raton, FL and 830 3rd Ave, Floor 5, New York, NY.  Lawyers licensed in states including FL, NY, NJ, and TX.  The choice of a lawyer is an important decision and should not be based on advertisements alone.

Do You Work for a Federal Contractor? You May Have Just Gotten a Minimum Wage Increase…

Federal contractor worker? Happy New Year

Do You Work for a Federal Contractor? You May Have Just Gotten a Minimum Wage Increase…Beginning on January 1, 2020, the applicable minimum wage rate for workers performing work on or in connection with some federal contracts increased to $10.80 for an hour. Additionally, the minimum cash wage which must be paid to tipped employees performing work on or in connection with covered contracts increased to $7.55 per hour.

This Executive Order, which was originally signed by President Obama in February 2014, applies to the following types of contracts:

  • Procurement contracts for construction covered by the Davis Bacon Act.
  • Service contracts covered by the Service Contract Act.
  • Concessions contracts, including any concessions contract excluded from the SCA by the Department’s regulations at 29 C.F.R. 4.133(b).
  • Contracts in connection with Federal property or lands and related to offering services for Federal employees, their dependents, or the general public.

In addition, the Executive Order allows the Department of Labor to make cost of living adjustments to the minimum wage applied to covered contracts each year.

Federal contractors are required by law to notify all workers performing work on or in connection with a covered contract of the applicable minimum wage rate under the Executive Order. Contractors may satisfy the Order’s notice requirement by displaying the DOL-issued poster reflecting the updated wage rates in a prominent or accessible place at the worksite.

If you were affected by this minimum wage increase and were not notified by your contractor, or if you feel that you are owed overtime, call the Shavitz Law Group. We can seek back-pay for time worked within the past 3 years under federal law and longer under certain state laws. Contact Shavitz Law Group at (561) 447-8888 or visit us at www.shavitzlaw.comfor a free, no-obligation review of your circumstances and consultation regarding your rights.

You Earned It, Now Let’s Go Get It.

 

 

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Gregg Shavitz, Shavitz Law Group, 951 Yamato Rd Ste 285, Boca Raton, FL and 830 3rd Ave, Floor 5, New York, NY.  Lawyers licensed in states including FL, NY, NJ, and TX.  The choice of a lawyer is an important decision and should not be based on advertisements alone.