Labor Department Granted Argument Time Over 401(k) Forfeitures

The US Labor Department will argue in support of Honeywell International Inc. and Siemens Corp. in a pair of Third Circuit appeals challenging how they handle forfeited money in their 401(k) plans.

The department on Thursday received permission from the US Court of Appeals for the Third Circuit to argue for five minutes in support of each company. Both cases are scheduled to be argued May 27 before a panel that includes Judges Peter J. Phipps, Arianna J. Freeman, and Jennifer L. Mascott.

• The appeals give the Third Circuit its first chance to consider the onslaught ...