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Fraud in a 401(k) Plan?

Tuesday, June 4, 2019

Fraud in a 401(k) Plan?

Some people think that 401(k) plans have little exposure to fraudulent activity. The truth is, whenever there is an incentive, the opportunity, and the rationalization to commit fraud, then fraud is a real possibility and should definitely be considered by your company when protecting plan assets.

As a Retirement Plan Sponsor, you have certain fiduciary duties, one of the most important is to protect the assets of your plan participants. First Merchants Private Wealth Advisors has access to the First Merchants Corporation’s army of cyber security experts to help you with this task.

Not only are our ‘Phishermen’ constantly on guard to monitor every aspect of electronic interaction that affects your retirement plan, we expand our watchdog approach by developing and maintaining personal relationships with our plan sponsors.

In this day of eliminating the human element from conducting business, we see the importance of keeping the personal touch. Our personal interactions watch for unauthorized individuals attempting to direct activity on your account. Our team ensures proper authorization is provided for all withdrawal and loan requests. We also provide extra security when speaking with plan participants by requiring our security questions be answered flawlessly.

Don’t get me wrong, technology is wonderful! But we also realize it is not the singular solution to maintaining a safe, successful and productive retirement plan for you and your employees.

So in the drudgery of providing authorized signatures or documentation to confirm the need for a withdrawal of any kind, know that our request is two-fold. First, we are your partner in maintaining your company’s plan. Second, we are diligently protecting the assets your participants have worked hard to save and will depend on for their successful retirement.

To speak with one of our Retirement Plan Advisors to increase the success of your company’s plan, please contact us at 866-238-0082.

N. Jane Smith, Director, Retirement Plan Services

First Merchants Private Wealth Advisors products are not FDIC insured, are not deposits of First Merchants Bank, are not guaranteed by any federal government agency, and may lose value. Investments are not guaranteed by First Merchants Bank and are not insured by any government agency. This material has been prepared solely for informational purposes. First Merchants shall not be liable for any errors or delays in the data or information, or for any actions taken in reliance thereon. Any views or opinions in this message are solely those of the author and do not necessarily represent those of the organization.

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