401(k)TV, a resource for financial professionals responsible for creating and maintaining retirement benefit programs for their company employees, has published its latest “Ask the Lawyer” column by Cohen & Buckmann co-founder Carol Buckmann. The column, titled, “Fiduciary Responsibility Unclear When Handling Participant Data?” explores whether using retirement plan participant data to cross-sell products violates ERISA. Carol explains that although participants are raising this issue in lawsuits, the lines are blurred until we have more authority. The new focus on this issue reflects growing worldwide concerns over data privacy. The article examines the following topics and provides practical advice for plan sponsors.
Why do vendors cross-sell?
Is participant data a plan asset?
Why plan fiduciaries should be concerned?
What can plan sponsors do now?
Additional articles about retirement plans, the SECURE Act and other employee benefits and executive compensation topics are available on the Cohen & Buckmann blog, Insights. Subscribe to Insights to stay up to date on the latest industry and firm news.