Phyllis Borzi, Assistant Secretary of Labor of the EBSA (Image courtesy of the Department of Labor)

A few weeks ago published an exclusive interview with Assistant Secretary Phyllis Borzi. In that article, Borzi expressed concern about the potential for fraud and abuse in Multiple Employer Plans (MEPs). This set off a major debate among those in the know. Was Borzi suggesting MEPs are more susceptible to fraud and abuse than the typical 401(k) plan? Or was it just an innocent caveat emptor argument that could be applied to almost any possible transaction? Talking heads weighed in with their interpretations and comments (see “Industry Thought-Leaders: 401(k) MEPs as Safe as Any Other 401(k) Plan,”, Oct. 8, 2013). 

Although that particular discussion focused on MEP plans, it revealed something about preventing fraud and abuse in all types of 401(k) plans. Here’s a list of the top three ways to reduce fraud and abuse based on the comments from the experts cited in the article: 

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