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By Jeanine Skowronski
Special to the Financial Independence Hub
Believe it or not, your retirement plan can be at risk for fraud. In fact, in the 2015 fiscal year, the (US) Department of Labor closed 2,441 civil investigations into retirement plans and recovered US$696.3 million for direct payment to plans, participants and beneficiaries. Retirement fraud can occur in several ways: employees with access to your workplace benefits may skim from the top. Or, beyond that, you may be tricked into taking on risky or non-existent investments outside of your day job.
For businesses, avoiding fraud all comes down to implementing solid internal controls — that’s per the Internal Revenue Service, which actually has an Employee Plans Compliance Unit (EPCU). For consumers, it comes down to vigilance. Here are some personal finance insights to help you avoid fraud in your retirement plan:
1.) Check your Retirement accounts regularly
Most employees set up their employer-sponsored 401K account and forget it. Or they give their quarterly statements a passing glance before chucking them aside. (Note: It’s important to shred all sensitive financial documents before discarding.) However, failing to log into your account regularly means you’re missing out on spotting potential red flags.
