Paychex is fighting a lawsuit by a participant claiming their distribution check was stolen in New York state court.<\/p>\n
Wisely, Paychex is trying to move the case to Federal court since this is an ERISA matter and a federal question.<\/p>\n
In the state case, Dylan Handy, has claimed fiduciary breach violations by a Paychex, which was third-party administrator to the retirement plan offered by Handy\u2019s former employer, Elm Street Technology LLC.<\/p>\n
Handy claims that checks for his entire $116,125.45 401(k) account balance was intercepted in the mail on the way to his rollover account provider, then altered and the assets deposited into someone else\u2019s account.<\/p>\n
Handy\u2019s state complaint seeks damages of $383,214, plus fees, costs and interest.<\/p>\n
Only problem is that Paychex isn\u2019t a fiduciary.<\/p>\n
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