A lawsuit filed against UWM in Michigan alleges ERISA violations pertaining to their 401(k) retirement plan. The complaint accuses UWM of using plan assets to offset employer contributions, breaching fiduciary responsibilities and improperly handling forfeiture funds. UWM's plan, notable for its significant size with 7,231 participants and $149.4 million in assets, is scrutinized for potentially causing $1.3 million in losses due to alleged mismanagement. The suit, led by former account executives, claims UWM failed to properly oversee the plan's administration, harming employee savings.
The lawsuit claims UWM violated ERISA by using plan assets to reduce employer contributions, breaching fiduciary duties and transaction rules.
With 7,231 participants, UWM's 401(k) plan had $149.4 million in assets, placing it in the top 1% of U.S. retirement plans.
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