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Lennar Corporation 401(k) Plan Investigation For Current & Former Employees

Edelson Lechtzin LLP is investigating whether current and former employees of Lennar Corporation have been harmed by mismanagement of the Lennar Corporation 401(k) Plan. Our preliminary investigation indicates that the Lennar Corporation 401(k) Plan paid excessive fees to Prudential Retirement for administrative services.

Additionally, it appears that Prudential may have used its GoalMaker advisory service to funnel Lennar Corporation 401(k) Plan participants’ retirement savings into Prudential’s own overpriced proprietary investment products and into other investments that paid kickbacks to Prudential. In some 401(k) plans, GoalMaker has excluded low-cost index funds in the plan’s investment menu from fund families that did not pay kickbacks to Prudential. This resulted in the participants paying excessive investment management fees, which can cost participants millions of dollars in retirement savings. Courts have ruled that such practices violate the Employee Retirement Income Security Act of 1974 (“ERISA”).

Please call us at 844-696-7492 (toll-free) to learn more about your 401(k) account or click here to submit your info.

As shown below, even a small fee can have a large impact on your retirement savings.

A study by the Government Accountability Office found that “even a seemingly small fee can have a large negative effect on savings in the long run. As shown [in this chart], an additional 1 percent annual charge for fees would significantly reduce an account balance at retirement.” Click here to view PDF from the U.S. Government Accountability Office (see page 10).

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