Joanne Roskey Quoted on Legal Uncertainty Surrounding Forfeited Retirement Assets in Ignites
Subtitle
"Mixed Rulings May Prompt More Suits Over Forfeited Assets"
Ignites
Joanne Roskey, former Deputy Associate Solicitor at the U.S. Department of Labor (DOL), Plan Benefits Security Division (PBSD), commented on the legal uncertainty surrounding recent lawsuits over forfeited retirement plan assets. The article highlights a proposed class action against Nordstrom's $3.4 billion retirement plan, alleging misuse of forfeited funds and excessive recordkeeping fees. Roskey stated, "We will continue to see mixed results from the courts as to whether the forfeiture claims are viable, especially since no court has in my view fully explained how under the plaintiffs' theory the plans have suffered losses on account of unvested employer contributions by not covering expenses that the plan documents allow to be passed onto participants."