The city of Los Angeles, California has many private businesses that voluntarily offer 401k retirement plans to their employees. For employers that offer 401k plans, the section of federal law that set the minimum guidelines for the operation of 401k plans is called the Employee Retirement Income Security Act of 1974, also known as ERISA. This section of laws is designed to ensure that employers follow guidelines – should they elect to set up a 401k plan – to protect employees who decide to participate.
The government understood the importance of setting up such guidelines to protect employees and their hard earn money.
If you believe your employer has violated your rights under ERISA, you should consult with a 401K attorney in Los Angeles who can advise you of your rights. ERISA penalties and rights are sometimes difficult to understand. Its always best to talk to someone who is familiar with the regulations that govern pension funds and retirement plans.
In some cases, you can enforce your rights in federal court or with the assistance of the US Department of Labor.