Shaw 401k Investigation | Retirement Funds & Employee Benefits
Peiffer Wolf is investigating Shaw Industries’ 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.
Current or Previous Shaw Employee with a Shaw 401k from 2017 to Present?
Shaw Industries Group, Inc., a Berkshire Hathaway subsidiary, provides a wide range of flooring products, including carpet, hardwood, tile, synthetic turf, and specialty items. With headquarters in Dalton, GA, Shaw operates in various countries, including the U.S., Australia, Canada, China, India, and the United Kingdom.
Are you an employee of Shaw who invested your 401k in plans with funds such as those provided by Principal Financial Group from 2017 to present? If so, 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.
FREE CONSULTATION | Shaw 401k Investigation
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.
Are you an employee of Shaw who invested your 401k in plans with funds such as those provided by Principal Financial Group? If so, please contact the ERISA Attorneys at Peiffer Wolf for a FREE Consultation by filling out a Contact Form or by calling 585-310-5140.
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