Products June 16, 2015
LifeLock Offers 401(k) Identity Protection
A new service scans for unauthorized withdrawals and transfers from 401(k) accounts.
Reported by Lee Barney
LifeLock, a provider of identity theft protection, has created a product specifically to protect 401(k) investors from fraudulent withdrawals and transfers, as well as identity theft to obtain loans, credit or services. Called LifeLock Benefit Elite, the service is available through employers and brokers, and is funded through payroll deduction at a competitive price.
If suspicious activity is detected, LifeLock will send the employee an alert via email, text or phone. In the event that an employee becomes a victim of identity theft, LifeLock will spend up to $1 million to hire the necessary lawyers, accountants and investigators to help with recovery, with the insurance provided by State National Insurance Company.
According to Javelin Strategy & Research, criminals stole $16 billion from 12.7 million Americans through identify theft in 2014.You Might Also Like:
PLANSPONSOR Roadmap: SECURE 2.0 GPS
Experts review the road map for current and upcoming dates of the retirement legislation.
Retirement Contribution Limits, COLA Stay on Track With Continuing Resolution
The DC contribution limit was projected to be $23,000 for 2024, and the IRS should stay on track in implementing...
DC Plan Sponsors Should Pay Attention to Increased Litigation, Low Retirement Confidence
The first quarter of 2023 in the defined contribution market saw an uptick in lawsuits, many legislative and regulatory changes...