LinkedIn has agreed to pay a whopping $6.75 million settlement to make amends for mismanaging their 401(k) retirement plan. It seems that the social media giant was skimping on their responsibilities and violating the Employee Retirement Income Security Act. Naughty, naughty!
According to the plaintiffs, LinkedIn didn’t bother to consider lower-cost options when it came to their mutual funds, resulting in excessive fees for participants. What a shame! They could have saved their employees millions of hard-earned dollars if they had just done their due diligence. But instead, they chose to act like a bunch of lazy sloths. Tsk, tsk!
Now, let’s get to the good stuff. If you were one of the unfortunate souls who participated in LinkedIn’s 401(k) Profit Sharing Plan and Trust between August 2014 and July 2020, you might be eligible for some sweet, sweet compensation. Yippee!
But hold your horses, my friend. If you’re an active account holder, you don’t need to do anything. They’ll deposit the money right into your investment account. However, if you’re a former beneficiary or alternate payee, listen up. You’ve got until November 10th to file a claim and get your piece of the pie. Don’t miss out!
Now, before you start daydreaming about how much fortune will be bestowed upon you, let me burst your bubble. The actual amount each beneficiary will receive from the settlement is still up in the air. We’ll have to wait until November 16th for the final approval hearing to determine the dollar signs. Patience is a virtue, my friend.
So, there you have it. LinkedIn messed up, and now they’re paying the price. Just remember, folks, it’s always important to do your homework and choose the right investment options. Don’t be like LinkedIn, or you might find yourself in hot water too. Stay savvy, my friends!