Criminal or just unethical?
My girlfriend works for a small (
At that meeting HR actually encouraged the employees present to cash out (not roll over) their 401(k) accounts prior to the completion of the sale. At first I was confused why a company would offer such poor financial advice, but then it hit me: many of the company's employees would not be fully vested in the company match portion of their 401(k) accounts, and by encouraging the employees to cash out, the outgoing owners could pocket that money. Is something like this even legal? Or is it just extremely unethical behavor?
Well I would say you need to look at who ever is the fiduciary of the 401(K). I am guessing that if HR is and are trying to screw their employees out of money then that is a violation of Investment Advisors Act of 1940. Either way that sounds fishy and unethical if they are trying to save their own money. Just my 2 cents
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