Free Special Resources
Get Your FREE Special Report. Download Any One Of These FREE Special Resources, Instantly!
Featured Special Report
Claim Your Free Copy of Overtime Primer: Highlights from the New Regulations

The federal DOL overtime regulations go into effect this year. Are you ready?

Download Now!

This report includes a summary of key changes, including the salary level test and salary basis test.

As a bonus, we've included a handy flowchart to help you determine exemption status under the FLSA.

Download Now!
August 21, 2006
Freddie Mac to Pay $4.65M to Settle Lawsuit over Retirement Plans

Freddie Mac says it has agreed to pay $4.65 million to settle a class action lawsuit accusing the company of violating the Employee Retirement Income Security Act (ERISA).

For a Limited Time receive a FREE Compensation Market Analysis Report! Find out how much you should be paying to attract and retain the best applicants and employees, with customized information for your industry, location, and job. Get Your Report Now!

The company settled the lawsuit without admitting any wrongdoing. The class action lawsuit was filed after the company restated financial results for the years 2000 through 2002.

In addition to paying pay $4.65 million, the company agreed to conduct voluntary seminars to educate employees about investing and the importance of asset diversification and to amend the Thrift/401(k) Savings Plan to appoint an independent fiduciary to oversee the Freddie Mac Stock Fund, one of the investment options under the plan.

The proposed settlement is subject to final approval by a court.

Freddie Mac says the Department of Labor has informed the company that the agency has closed its investigation of Freddie Mac's Thrift/401(k) Savings Plan in anticipation of the proposed settlement.

Freddie Mac is a stockholder-owned company established by Congress in 1970 to support homeownership and rental housing.

Featured Special Report:
Top 100 FLSA Overtime Q&As
Twitter  Facebook  Linked In
Follow Us
Copyright © 2016 Business & Legal Resources. All rights reserved. 800-727-5257
This document was published on
Document URL: