A former Caliber Collision employee filed a proposed class action saying the automotive repair company mismanages its 401(k) plan by using forfeited contributions for its own benefit.
Caliber—formally known as Wand Newco 3 Inc.—is accused of improperly putting the unvested 401(k) contributions forfeited by departing workers toward the contributions it’s required to make to the plan, instead of using that money to reduce workers’ administrative expenses. This practice violated the Employee Retirement Income Security Act and saved the company more than $4 million between 2019 and 2022, according to a complaint filed Wednesday in the US District Court for the ...