Guaranteed Investment Contract (GIC) Lawsuits

November 25, 2015

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At A Glance

This Alert Affects
Anyone who owns a "guaranteed account" through their retirement plan.
What Is a Guaranteed Account?
A guaranteed account is a popular investment offering that is made available through 401(k) retirement plans and public plans like the 403(b) and 457 plans. A "guaranteed account" may also be referred to as a "fixed account," "guaranteed benefits account," "guaranteed investment account (GIA)," or "guaranteed investment contracts (GIC)." With a "guaranteed account," investors pay money in exchange for a guaranteed return on an investment.
Who Sells These Products?
Principal Financial Group, The Hartford, AXA, John Hancock, Voya, New York Life Insurance Company, MetLife, Mass Mutual and Nationwide, among others.
What's Going On?
Attorneys have reason to believe that some companies are charging excessive, secret fees in connection with these 401(k) "guaranteed accounts" that can destroy the value of an individual's retirement investment.