Retirement Industry Groups Want Northop Grumman’s Forfeitures Case Dismissed
Employer and business groups are urging the U.S. 4th Circuit Court of Appeals to uphold the dismissal of an ERISA lawsuit challenging Northrop Grumman Corp.’s use of 401(k) forfeitures, arguing that the Employee Retirement Income Security Act and other longstanding federal guidance has consistently permitted employers to use forfeited retirement plan assets to offset future…