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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Employers on Wall Street Punish Women for Having Children In 2018

Shavitz Law Group

Another day, another gender discrimination claim against a Wall Street firm.  In a recent article written by Bloomberg News, it was reported that a star performer and 15-year veteran at Goldman Sachs was fired while she was on maternity leave.  The former Vice President alleges, despite successfully managing more than 300 million dollars for Goldman’s clients, that Goldman Sachs terminated her because the firm did not believe she would be able to balance her work and home life due to her being on maternity leave.

It is not the first time that a large company has been sued for gender discrimination against pregnant women or new mothers.  Time Magazine and the New York Times also published pieces detailing “rampant” discrimination against pregnant women and new mothers.

The complaints all detail a common theme:  companies do not believe that women can balance their work and personal lives and that families will prevent women from performing at a high level.

Pregnancy-based discrimination is illegal. The law expressly prohibits companies from discriminating against women because of a pregnancy or childbirth.

Shavitz Law Group, P.A. is dedicated to protecting the rights of women and preventing companies from discriminating against them because they chose to have a family life. If you feel you’ve been discriminated against at work based on your gender, please contact us at info@shavitzlaw.com or (800) 616-4000 or complete the Contact Us form on our website shavitzlaw.com, and a member of our law firm will contact you for an evaluation of your case.

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