The days when an employee stuck with one company throughout their career are largely gone in the U.S. Instead, many workers switch jobs every few years, seeking new opportunities for professional development and salary increases. While a focus on one’s career mobility can be positive, one aspect of such a change is too often neglected retirement savings. For guidance on how to help protect the savings you have worked hard to earn, we turn to some helpful information via
Options When Switching
The information compiled by U.S. Money Reserve can help people learn what to do with an existing employer-sponsored plan when switching jobs. One helpful resource comes from the U.S. Securities and Exchange Commission, which defines four top options for how to handle such a move.
Court Grants Cumulus Mediaâs Motion to Dismiss Time-Barred ERISA Claims
December 18, 2020
On Thursday, Judge Thomas W. Thrash, Jr. of the Northern District of Georgia issued an order and opinion granting Cumulus Mediaâs motion to dismiss time-barred claims in a Employee Retirement Income Security Act (ERISA) class-action complaint. The Judge granted dismissal of one plaintiffâs claims for lack of standing because she ceased being a participant in the 401(k) plan before the time period limitations.
In their complaint, the plaintiffs averred that the defendant breached its fiduciary duties âof loyalty and prudence by offering an investment menu composed of unduly expensive mutual funds.â Moreover, the plaintiffs claimed that Cumulus âfailed to monitor or control the allegedly excessive compensation paid to the Planâs recordkeeper,â which, the plaintiffs argued, cost the Plan and its participants millions of dollars in losses for these purporte