large pencil erasing part of a drawing of a person's brain (Photo: Shutterstock)

What fiduciary responsibilities do plan sponsors, advisors and recordkeepers have to plan participants that show signs of cognitive decline, and what can they do to protect those individuals from fraud? The answers aren’t clearly defined, but the industry can take steps to identify red flags that could signal changes in a participant’s cognitive function and take reasonable steps to address the situation.

The issue is of particular concern for elderly individuals, although the industry should be aware that participants of any age could be impacted by decreased mental capabilities.

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