Labor Department Seeks Time During HP 401(k) Forfeiture Argument

The US Labor Department asked to participate in Ninth Circuit oral arguments over how HP Inc. handles forfeited contributions in its employees’ 401(k) plan.

The case gives the US Court of Appeals for the Ninth Circuit its first chance to consider the onslaught of litigation challenging how employers manage the 401(k) money forfeited by departing workers. The Ninth Circuit scheduled arguments for May 20, and the department on Wednesday requested five minutes to argue in support of HP.

Nearly 100 federal lawsuits filed over the past three years have challenged how employers use 401(k) contributions left behind by departing workers. ...