Investopedia: Employees should regularly monitor 401(k) accounts to avoid scams
G&A Partners’ Tilisha Conley, retirement plan manager, urges employees to brush up on their 401(k) plan knowledge to avoid scams in Investopedia’s article, “401(k) Scams & Risks: What to Watch For, Fighting Back.”
The Investopedia article outlines six steps that workers should take to make their retirement accounts more secure. From setting up online access to an account to opting in for account notifications, these steps can help lessen the risk of fraud or hacking.
“Scammers depend on investors’ lack of knowledge as it relates to their 401(k) plan,” says Conley. “The more workers know about their 401(k), the better off they are in helping to prevent fraud and scam attempts.”
The article also says that employees should check their pay stubs to verify retirement amounts withdrawn from the paycheck, ensure employer matching contributions are correct, and check amounts of contributions from bonuses or overtime pay to help them identify potential missing contributions.
While employers are responsible for their retirement plan’s administration and management, the article says that employees are responsible “for monitoring their account for consistency and accuracy.”
Read the entire Investopedia article here.