Federal law generally protects savings in workers’ retirement plans when a company files for bankruptcy protection or goes out of business.
Yet there may still be situations when employees lose money, as some former workers at Bed Bath & Beyond have discovered.
Bed Bath & Beyond, a home furnishings retailer, filed for bankruptcy protection in April and has been closing up shop and selling off assets.
Some former workers, who had invested in a “guaranteed interest account” that they believed was low risk, saw losses of about 10 percent related to the plan’s termination.
One saver shared a financial statement showing he had lost about $10,000 in his guaranteed interest account, while another said he had lost more than $2,000.
Persons:
”, Cheryl Costa
Organizations:
Bed
Locations:
Framingham, Mass