Peiffer Wolf is investigating the International Brotherhood of Electrical Workers (IBEW) District 9 401k Plan.
Our initial investigation has uncovered the plan’s investment manager, Principal Financial Services, Inc., may have made overly risky investment choices in this retirement plan, causing affected IBEW District 9 workers to lose money in their retirement funds and suffer decreased employee benefits.
Current or Former IBEW Pensioner with a 401k?
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.
Note: Peiffer Wolf is investigating claims against Principal, not IBEW.
If you are currently enrolled in IBEW’s 401k plan or have been enrolled in the employee pension plan and are associated with District 9 (Alaska, California, Hawai’i, Nevada, Oregon, Washington, and the northern portion of Idaho), please contact the ERISA Attorneys at Peiffer Wolf for a FREE Consultation by filling out a Contact Form or by calling 585-310-5140.
International Brotherhood of Electrical Workers (IBEW)
The International Brotherhood of Electrical Workers, also known as IBEW, represents hundreds of thousands of active members and retirees who work in a variety of fields, including utilities, construction, telecommunications, broadcasting, manufacturing, railroads, and government. The organization is categorized by districts encompassing various geographical areas known by numerical designations.
In District 9, members and retirees’ retirement benefits are covered by Principal Financial Services, LLC. We believe that Principal may have made overly risky investment choices with these retirement plans, causing affected IBEW District 9 workers to lose money in their retirement funds and suffer decreased employee benefits.
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 | IBEW 401k Investigation
If you are currently enrolled in IBEW’s 401k plan or have been enrolled in the employee pension plan and are associated with District 9 (Alaska, California, Hawai’i, Nevada, Oregon, Washington, and the northern portion of Idaho), Contact Us Today. Peiffer Wolf has represented thousands of clients.
Contact Us by calling 585-310-5140 or by filling out an online Contact Form for a FREE Consultation. Concerns about possible misconduct and mismanagement are serious, and we are committed to fighting on your behalf.
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