401(k) Plan Responsibilities: What’s Your Fiduciary Focus?
While plan fiduciaries have been diligently addressing fees, investment menus and transparency, regulators have begun to focus on different aspects of fiduciary responsibility: maintaining participant data, unclaimed asset transfers, plan loan defaults and cybersecurity.
The common denominator of all of these areas of interest is improving retirement security for all Americans. From the millions of accounts left behind each year due to bad participant data and uncertainty of how to manage it, to the negative ramifications of defaulting on plan loans and fear of unauthorized withdrawals by cybercriminals – these are some of the most important issues facing retirement plans and participants today.
Learn more about the top four aspects of fiduciary focus in this 401kSpecialist article.
The material in this blog is presented for informational purposes only. Millennium Trust Company performs the duties of a directed custodian, and as such does not sell investments or provide investment, legal or tax advice.