Sharing of Workers’ 401(k) Data ‘New Frontier’ in Litigation (1)

Your retirement plan has a list of your financial assets, a history of your investment choices, and insight into how much money you’ll have in your golden years, but that personal data isn’t safeguarded the same way your savings are.

Should it be?

The 1974 law governing employee benefits plans is silent on how that information should be handled when it’s transferred to a third-party vendor like a record keeper. Courts are being asked if the data constitutes a plan asset that imposes specific obligations on the person or people who manage the plan under the Employee Retirement Income Security ...