Mercer Select US - Financial institutions sponsoring 401(k)s may need identity theft program for participant loans

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Financial institutions sponsoring 401(k)s may need identity theft program for participant loans

401(k) plans offering participant loans may be subject to a Federal Trade Commission (FTC) identity theft prevention rule if the sponsoring employer is a "financial institution" or "creditor," according to new comments from FTC staff to the law firm White & Case LLP. The "red flags" rule requires creditors to adopt programs by May 1 to respond to identity theft warning signs. FTC staff previously indicated 401(k) plans would not be considered "creditors" under the rule, but the latest word is that the plans might be "covered accounts" if the sponsoring employer is a bank or similar entity. (Select News, 3 Apr 2009)

Financial institutions sponsoring 401(k)s may need identity theft program for participant loans

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