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Wells Fargo says federal agencies reviewing 401(k) plan – Metro US

Wells Fargo says federal agencies reviewing 401(k) plan

FILE PHOTO: People exit and enter Wells Fargo ATM in
FILE PHOTO: People exit and enter Wells Fargo ATM in the Manhattan borough of New York

(Reuters) – Wells Fargo & Co said on Tuesday U.S. government agencies, including the Department of Labor, are reviewing certain transactions in the bank’s 401(k) plan.

The fourth-largest U.S. bank said in a filing that federal government agencies “are reviewing certain transactions associated with the employee stock ownership plan feature of the company’s 401(k) plan, including the manner in which the 401(k) plan purchased certain securities used in connection with the company’s contributions to the 401(k) plan.”

401(k) plans are retirement packages offered by American companies to their employees.

(Reporting by Abinaya V in Bengaluru; editing by Uttaresh.V)

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