Siemens Seeks Dismissal of 401(k) Forfeiture Would-be Class Suit

Siemens Corp. defended its handling of forfeited 401(k) money from a plan participant’s lawsuit, saying its actions caused no injuries and are in line with plan terms and the opinions of federal regulators.

Both Congress and federal regulators have “for decades” embraced the practice of using forfeited retirement plan money to defray future contributions the employer must make, Siemens said in an Oct. 25 motion. The company’s decision to follow this practice was both mandated by the terms of its retirement plan and done in a non-fiduciary capacity that can’t be subject to liability under the Employee Retirement Income ...