Asked 6/2/2011
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My company filed Chapter 7 bankruptcy and plan participants are being asked to pay legal fees- do the employees have any options here? The trustee in charge of our bankruptcy has submitted a motion to have the plan be administred, closed out etc. by a law firm and they are saying that all legal charges incurred are to be paid for by the participants of the plan- can they do this? |
Answer 1/1 - Submitted 6/3/2011
It seems like the request made by your company may fall under your individual investment fees.
As part of the management fees you pay within your 401k plan you may be responsible for the legal fees associated with it. This can vary depeding on whether you agreed a flat fee or percentage of the aseets invested.
To find out how the closeout will affect you please refer to this govenment facesheet, because its important to know your rights when your employer files for chapter 7 bankruptcy.
www.dol.gov/ebsa/newsroom/fsbankruptcy.html
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