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401(k) plan hacked? Plan sponsors can't always blame the recordkeeper

Employers do have some level of responsibility for cybersecurity, despite a recent court ruling to the contrary. But there are steps they can take to avoid such risk in the first place.

By David Weldon | October 14, 2020 at 12:47 PM

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Plan sponsors of corporate 401(k) accounts may be breathing a collective temporary sigh of relief after a U.S. District Court judge in Illinois recently rejected an argument that Abbott Laboratories was partially liable in the case of a former employee who had her retirement funds fraudulently withdrawn.

The recordkeeper or administrator of the 401(k) account – Alight Solutions, LLC – did not fare as well, and a suit against that company from the account participant remains in effect.

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