More than 70,000 sponsors of 401(k) plans are carrying insufficient levels of fidelity bond insurance, according to data mined from Judy Diamond Associates Retirement Plan Prospector tool, an online lead-generation platform that supports financial advisors specializing in the defined contribution market.
That database is gleaned from plan Form 5500 filings with the U.S. Department of Labor, and identifies a series of 19 “red flags” to help advisors track which plans are operating under administrative risk, according to Eric Ryles, JDA's managing director. JDA is a business arm of ALM Media, BenefitsPro's parent company.
Related: Top 5 401(k) plans
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
