This plan is in the top 15% of plans for Account Balances, Company Generosity, Participation Rate, and Total Plan Cost. representatives of the Class described herein, and on behalf of the BOK Financial 401(k) Plan ( the “Plan”), bring this action under the Employee Retirement Income Security Act of … What is a 401(k) plan? Retirement plans established under Section 401(k) of the Internal Revenue Code, commonly referred to as "401(k) plans," have become one of the most popular types of employer-sponsored retirement plans. Participants in BOK Financial’s 401(k) plan have filed a lawsuit alleging the company, its retirement plan committee and Cavanal Hill Investment Management Inc., a subsidiary of BOK, have failed to administer the plan in the interest of participants and failed to employ a prudent process for managing the plan. BOK Financial 401(k) Plan Opinion on the Financial Statements We have audited the accompanying statements of net assets available for benefits of BOK Financial 401(k) (the Plan) as of December 31, 2019 and 2018, the related statement of changes in net … BOK Financial and its Subsidiaries are not obligated and will not under any circumstances pay any fees to said third parties submitting candidates in this manner. If you're lucky enough to work for an employer who offers this option, Roth contributions could play an important role in maximizing your retirement income. Learn about BOK Financial 401K Plan, including a description from the employer, and comments and ratings provided anonymously by current and former BOK Financial employees. BOK Financial 401k Plan is a defined contribution plan with a profit-sharing component and 401k feature. And What To Do About Them. The lawsuit alleges that the Plan’s fiduciaries (the Defendants in the case) violated the Employee Retirement Income Security Act (ERISA) by failing to act prudently or in the interest of Plan participants and beneficiaries. The Roth 401(k) Employers can offer 401(k) plan participants the opportunity to make Roth 401(k) contributions. An advisor with BOK Financial Advisors can help you evaluate possible options. This plan is in the top 15% of plans for Account Balances, Company Generosity, Participation Rate, Salary Deferral, and Total Plan Cost. BOK Financial and its Subsidiaries will not be responsible for any fees associated with unsolicited candidates, nor will a contractual relationship be formed by the submission. BOK Financial 401k Plan currently has over 6,400 active participants and over $630.4 million in plan assets. Glassdoor is your resource for information about the 401K Plan benefits at BOK Financial. This plan has a BrightScope Rating of 80. Even taking a loan from a family member or friend may be a smarter move than borrowing from your retirement savings. 2019 FAQ - Safe Harbor Contributions to 401(k) Plans 2019 FAQ - Top Heavy Investment Advisory Services offered through BOK Financial Asset Management, Inc., an SEC registered investment advisor, and a subsidiary of BOKF, NA, a wholly owned subsidiary of BOK Financial Corporation (BOKF), a financial holding company. Advertising Material. BOK Financial's 401(k) match is based on the number of years of service. 401(k) Administration Nightmares. For those who have worked less than four years, the … Farmers Insurance “We are Farmers… and we have a good 401k plan.” The company will match up to 6% of an employee’s salary. 1 – Employee Benefit Research Institute, “401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2014,” April 2016. ... 25 years experience in the financial industry and currently serves as the Regional Executive of Retirement Plans for BOK Financial. On March 12, 2020, we filed a lawsuit on behalf of participants in BOK Financial 401(k) Plan, (the “Plan”). BOK Financial 401k Plan currently has over 6,300 active participants and over $777.3M in plan assets. A 401(k) plan is a retirement savings plan that offers significant tax benefits while helping you plan for the future.