Intuit Calls 401(k) Plan Challenge Attempt to Manufacture Claim - Bloomberg Tax

Intuit Inc. called a lawsuit over how it uses forfeited money in its employee 401(k) plan an attempt to “manufacture a new type of ERISA claim” by upending longstanding statutory law and regulatory guidance.

The “law is clear” that employers can use 401(k) money forfeited by workers who leave their jobs after short periods to offset the contributions they would otherwise have to make to the plan, Intuit said in a motion to dismiss filed Monday in the US District Court for the Northern District of California. The extent to which employers use forfeitures to satisfy their contribution obligations is ...

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