Fiduciary Focus: Is 401(k) Loan Risk on Your Radar?

Thursday May 9th, 2019

Bruce L. Ashton
Drinker Biddle & Reath LLP
George L. White
EVP and Chief Operations Officer
Custodia Financial (Retirement Loan Eraser TM)
Lorna Mackey
Mackey Communication Group
Do plan sponsors have a false sense of security about the fiduciary risks of 401(k) loans? Under ERISA, participant loans must be managed with the same prudence and oversight required of any plan investment. However, according to academic and industry studies, loans default at alarming rates, especially when participants lose their jobs.

Industry experts believe that 401(k) loan defaults represent a ripening fiduciary jeopardy. Changes this year to IRS Form 1099-R will allow regulators to see the full extent of the problem, and an entrepreneurial plaintiff’s bar continues to look for the next big market opportunity in 401(k) plan litigation.

Increase your fiduciary IQ with an exploration of this challenge, how current measures—particularly disclosure—are falling short, and how new solutions are becoming available to address the problem, meaningfully and measurably. Lorna Mackey, President of Mackey Communication Group, will moderate this informative and educational discussion.

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