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Retirement Plan Fraud Hitting 401k Plan Participant Accounts

Retirement plan fraud is increasingly impacting 401k Plan Participant Accounts.  Unfortunately, Cyber-attacks and retirement plan fraud continues to be the focus for many risk managers and recordkeepers.

Retirement Plan Cyber SecurityA large contributing factor to the vulnerability of 401k plans is the fragmented nature of ownership and oversight of the retirement plan assets.  Within the 401k relationship there is normally a recordkeeper, a plan sponsor, in-house fiduciaries, a custodian, money-manager(s), and third-party administrators.  Each of these service providers services the plan and the plan participant plan in different ways.  It is simple to understand how a breakdown may occur when changing an account mailing address or taking instructions on where to wire account balances.  The retirement plan industry has service providers who are focused on a single transaction (or, the next transaction) and in the interest of expedience and customer service they may lose sight of the big-picture.   Are you interested in learning how to avoid some of the many possibilities where a retirement plan fraud scheme might be brewing?

CLICK Here to Register for Preventing Fraud in Your Retirement Plan – co-hosted by TPSU, DCIIA, & SPARK.  The program time is Friday, June 12, 2020 from 2:00 PM – 3:00 PM EDT.

Learn how you can better protect your plan assets and guard participants against retirement plan fraud, during the covid-19 crisis as panelists discuss cyber attacks, data security, indemnification, insurance coverage, risk management, and guarantees.

Steff Chalk

Steff Chalk

Managing Editor at 401kTV
Steff C. Chalk is Executive Director of The Retirement Advisor University, a collaboration with UCLA Anderson School of Management Executive Education. Steff also serves as Executive Director of The Plan Sponsor University and is current faculty of The Retirement Adviser University.
Steff Chalk

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