A Rhode Island construction company must defend an unusual lawsuit claiming it violated ERISA by adopting a “special valuation” date for its 401(k) plan that allegedly forced employees to lock in losses from the Covid-19 market downturn, a federal judge held in a ruling docketed Monday.
Three former employees of Behan Brothers Inc. are moving forward with an Employee Retirement Income Security Act lawsuit claiming they lost a combined $55,000 in retirement benefits when the company changed the date their benefits would be calculated from Dec. 31, 2019, to April 30, 2020.
The employees presented enough information to move forward ...
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