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.
A 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.