Qualcomm Inc., Intuit Inc., and Clorox Co. are facing new lawsuits asking whether a common way of handling forfeited 401(k) money could violate federal law, a legal theory that could turn on the language used by a given plan.
The lawsuits, which also target Thermo Fisher Scientific Inc., center on the portion of an employee’s 401(k) account that comes from contributions made by their employer. Unlike contributions from the employee’s salary, which are immediately fully vested, employer contributions can remain unvested for a period of time and can be forfeited in whole or in part when a ...
