Mandatory 401(k) audits
Employee Benefit News, March, 2007
A recent debate in USA Today addressed whether Congress should adopt stricter rules in governing retirement plans - specifically, requiring 401(k) plan sponsors to conduct annual plan audits to deter and/or uncover fraud. The paper's editorial board is in favor of tougher laws, citing a case in which a small Tennessee auto parts company lost $7 million in plan assets due to fraudulent activities by the firm hired to manage the plan. Jan Jacobson, director of retirement policy for the American Benefits Council, wrote the opposing view. Excerpts of the point-counterpoint and several reader responses posted to usatoday.com are featured below.
USA Today editorial board:
"The Smyrna case vividly illustrates how laws and regulations haven't kept up with the sweeping...
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