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Wells Fargo says federal agencies reviewing 401(k) plan -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Two people exit the Wells Fargo ATM and enter it in Manhattan Borough, New York. October 10, 2015. REUTERS/Eduardo Munoz

(Reuters) – Wells Fargo (NYSE:) & Co said on Tuesday U.S. government agencies, including the Department of Labor, are reviewing certain transactions in the bank’s 401(k) plan.

In a filing, the fourth-largest U.S. Bank stated that the federal government is “reviewing certain transactions related to the employee stock ownership feature of the company’s 401 (k) plan. This includes the way in which certain securities were purchased in connection with contributions to the plan’s 401 (k).”

American employers offer 401(k), a retirement package, to employees.

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