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Ex-Intel Worker Takes Aim At Retirement-Plan Investments

Tiomkin Law Offices of Elliott Tiomkin > Legal News  > Ex-Intel Worker Takes Aim At Retirement-Plan Investments

Ex-Intel Worker Takes Aim At Retirement-Plan Investments

Law360 (August 12, 2019, 6:38 PM EDT) — A former Intel Corp. employee has accused the committee that directs fund investment from Intel’s retirement and 401(k) plans of unwisely funneling billions of dollars’ worth of workers’ retirement savings into “risky” investments.

Intel 401(k) Savings Plan and Intel Retirement Contribution Plan participant Winston R. Anderson claimed in a proposed Employee Retirement Income Security Act class action launched Friday in California federal court that the plan’s fiduciaries breached their duties by putting workers’ savings in “unprecedented investment allocation strategies.” Those strategies included investing retirement dollars in hedge funds, which Anderson claimed performed poorly.

“The result of the investment committee’s failed attempt…

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