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Big Banks Use 401(k) Plan That Landed AOL In Hot Water

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Lloyd Blankfein, Chairman and CEO of Goldman Sachs, attends the Clinton Global Initiative, Monday, Sept. 24, 2012 in New York. (AP Photo/Mark Lennihan) | AP

Citigroup Inc., J.P. Morgan Chase & Co. , and Goldman Sachs Group Inc. make lump-sum payouts to their employees’ 401(k) plans, the banks confirmed to MarketWatch on Monday, using a similar strategy to the one AOL attempted to impose before it got in hot water last week.

Read the whole story at MarketWatch