Tag: retirement plan forfeitures

BMO received a complaint alleging its plan committee breached ERISA by using forfeited plan assets to benefit the company, not...

A federal judge called the plaintiff’s claims ‘impermissibly broad,’ but gave the plaintiff a chance to submit a revised complaint.

The company argues in the filing that its fiduciaries followed IRS guidance on how unused retirement assets can be used.

ERISA experts point to longstanding and widespread practice of using forfeitures to reduce future employer contributions or pay reasonable expenses.