Federal Judge Allows Lawsuit Against Bank of America Over 401(k) Vesting Practice
A federal judge has declined Bank of America's motion to dismiss a lawsuit concerning its 401(k) plan. The suit alleges that Bank of America's practice of forfeiting matching funds from participants who are not fully vested in the plan violates federal law. This legal action highlights scrutiny on the compliance of employer-sponsored retirement plans with fiduciary and vesting regulations.