Siemens Seeks Dismissal of 401(k) Forfeiture Case

Siemens Corp. defended the processing of lost 401(k) funds in a lawsuit brought by a plan participant; He said his actions did not cause any injuries and were in compliance with the terms of the plan and the views of federal regulators.

Siemens said in a statement on Oct. 25 that both Congress and federal regulators have “for decades” embraced forfeiting retirement plan money to cover employer-required future contributions. movement. The company’s decision to pursue this practice was made in a non-fiduciary capacity that was both required by the terms of the retirement plan and could not be subject to liability under Employee Retirement Income…