Missing participants and cybersecurity are among the top challenges for retirement plan advisors, according to participants at the National Association of Plan Advisors’ 2021 NAPA 401(k) Summit in Las Vegas. During the Summit’s opening day workshop session, McDermott Partner Erin Turley said advisors should make an effort to discuss cybersecurity with clients in advance of a US Department of Labor audit.
“The plan document says X, the recordkeeping agreement says Y, and maybe the (summary plan description) says something different—if it’s even addressed in the SPD,” Turley noted. “So make sure all those documents sync and your process actually matches your documents as equally.”
