More than 70,000 sponsors of 401(k) plans are carrying insufficient levelsof fidelity bond insurance, according to data mined from JudyDiamond Associates Retirement Plan Prospector tool, an onlinelead-generation platform that supports financial advisorsspecializing in the defined contribution market.
That database is gleaned from plan Form 5500 filings with the U.S. Department ofLabor, and identifies a series of 19 “red flags” to helpadvisors track which plans are operating under administrative risk,according to Eric Ryles, JDA's managing director. JDA is a businessarm 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.
