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

Big Banks Use 401(k) Plan That Landed AOL In Hot Water
Lloyd Blankfein, Chairman and CEO of Goldman Sachs, attends the Clinton Global Initiative, Monday, Sept. 24, 2012 in New York. (AP Photo/Mark Lennihan)
Lloyd Blankfein, Chairman and CEO of Goldman Sachs, attends the Clinton Global Initiative, Monday, Sept. 24, 2012 in New York. (AP Photo/Mark Lennihan)

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.

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