Peiffer Wolf is investigating Konica Minolta’s Employee 401k Plan.
Our initial investigation has uncovered that managers of these 401(k) plans may have made overly risky investment choices and failed to regularly monitor its employees’ 401k plan, causing employees to lose money in their retirement funds and suffer decreased employee benefits.
If you are enrolled in the Konica 401k plan and invested in funds including those provided by Principal Financial Group between January 2017 and present, please contact the ERISA Attorneys at Peiffer Wolf for a FREE Consultation by filling out a Contact Form or by calling 585-310-5140.
Current or Former Konica Minolta employee with a 401k?
Konica Minolta is a multinational technology company specializing in business and industrial imaging products.
The company may have breached its fiduciary duties by making unsuitable investments with employees’ 401k portfolios, potentially costing participants in its 401k plan thousands of dollars in lost retirement savings.
Peiffer Wolf Carr Kane & Conway has extensive experience representing plan participants and beneficiaries in claims where ERISA fiduciaries imprudently invested plan assets causing losses to the plan participants.
If you are enrolled in the Konica 401k plan and invested in funds including those provided by Principal Financial Group, please contact the ERISA Attorneys at Peiffer Wolf for a FREE Consultation by filling out a Contact Form or by calling 585-310-5140.
Employment Retirement Income Security Act of 1974 (ERISA)
The Employee Retirement Income Security Act (ERISA) sets standards for private-sector employee benefit plans.
Enacted in 1974, ERISA’s primary goal is to protect the interests of employees who participate in these plans by establishing rules and requirements for employers that offer retirement and welfare benefit plans.
Key aspects of ERISA include:
- Reporting and Disclosure: ERISA mandates that plan sponsors provide participants with comprehensive information about the plan, including its features, funding, and any changes.
- Fiduciary Responsibility: Plan fiduciaries, such as those managing the plan assets or making decisions regarding plan operations, are required to act in the best interests of the participants and beneficiaries. This includes prudently managing the plan and diversifying investments to minimize the risk of large losses.
- Vesting and Funding Standards: ERISA sets rules for vesting (the right of an employee to receive accrued benefits) and funding standards for defined benefit pension plans to ensure that there are sufficient funds to pay promised benefits.
- Claims and Appeals Procedures: The law establishes procedures for participants to follow when filing claims for benefits and appealing denials.
- Pension Benefit Guaranty Corporation (PBGC): ERISA created the PBGC, a federal agency that ensures certain pension benefits in case a pension plan becomes insolvent.
Peiffer Wolf has extensive experience representing plan participants and beneficiaries in claims where ERISA fiduciaries imprudently invested plan assets causing losses to the plan participants.
FREE CONSULTATION | Konica Minolta 401k Investigation
If you are enrolled in the Konica 401k plan and invested in funds including those provided by Principal Financial Group, please contact the ERISA Attorneys at Peiffer Wolf for a FREE Consultation by filling out a Contact Form or by calling 585-310-5140.
Concerns about possible misconduct and mismanagement are serious, and we are committed to fighting on your behalf.
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