News & Analysis as of

Benefit Plan Sponsors › Theft

Haynsworth Sinkler Boyd, P.A.

Can employers face liability when a cyber-attacker steals funds from an employee's individual 401(k) account?

Haynsworth Sinkler Boyd, P.A. on

Retirement plans face increased risks for cyber-attacks resulting in theft of plan assets. Few entities can keep up with the pace set by cyber-criminals for theft from accounts, and security requirements for industries...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The thing about stealing plan assets

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

I have been an ERISA attorney for 21 years now and the biggest thing that amazes me is when a fiduciary to a plan steals money from a 401(k) plan. I’ve seen plan sponsors do it, I’ve seen employees do it, and I’ve seen plan...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Get that bond

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

It’s an easy requirement that many plan sponsors think they’ve accomplished, but they haven’t received the right one. We’re talking about an ERISA bond and often plan sponsors on a Department of Labor audit are told by the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Review that ERISA bond, because it might not be one

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

All ERISA plans need an ERISA bond that protects the plan from thefts of plan assets by plan fiduciaries. ERISA requires that every fiduciary of an employee benefit plan and every person who handles plan assets be bonded. ...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

When it comes to theft, the fiduciary vs. settlor function debate is meaningless

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

A friend of mine called me up a few weeks back and was telling me a story how he had a debate with Jeff Richie from Vantage Benefits at a conference a few years back. Richie claimed he had some writing from the Department of...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

To be safe, read those trust statements

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

In light of some troubling news that a third party administrator (TPA) was shut down by the Federal Bureau of Investigation (FBI) for possible theft of plan assets, there is one pro-active step you should take as a plan...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

401(k) Plan Sponsor Steals Assets To Support Country Club Life

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

One of my favorite lines from Seinfeld is when George Costanza gets a job where Elaine works at Pendant Publishing. He’s fired for having sex in the office with the cleaning woman. George pardons ignorance, asking whether it...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

They only steal from the Plan when no one is looking

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

I don’t know what’s going on in the south shore of Long Island over the past few years and it wasn’t just Hurricane Sandy. A few years back, the treasurer of my local school’s PTA stole more than $5,700 for her own...more

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