UWM disputes it mismanaged employees’ 401(k) plan

United Wholesale Mortgage is refuting claims by former account executives that the company mismanaged its large retirement savings plan. 

Plaintiffs accuse UWM of directing unvested employer contributions in the company’s 401(k) plan toward future employee contributions, rather than administrative expenses. The class action complaint suggests the money-saving moves by UWM cost workers, whose contributions then covered plan expenses, upward of $1.8 million from their retirement savings. 

UWM matches 50% of the first 3% of its workers’ contributions, up to $2,500 per year, according to its latest year-end report. The lawsuit said UWM’s 401(k) plan then had 7,231 participants and $149 million in assets under management, placing it within the top 1% of retirement plans nationwide by both…