2023 Tax Calendar
VIEWpoint Issue 2 | 2022
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HUD Strengthens the Effects Test
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The U.S. Department of Labor (DOL) recently released compliance assistance for 401(k) plan fiduciaries, warning them against adding a cryptocurrency option to its plan investment menu. According to the release, the DOL’s Employee Benefits Security Administration expresses serious concerns about the prudence of a fiduciary’s decision to expose a plan participant to direct investments in cryptocurrencies due its limited history.
With cryptocurrency still in its early stages, these investments present significant risks and challenges to participants’ retirement accounts, including potential fraud, theft and loss for the following reasons:
Per the DOL’s recommendation, we encourage fiduciaries to proceed with caution if exploring cryptocurrency investments as a plan option until there is more data and history available.
Doeren Mayhew’s dedicated Employee Benefit Plan Group is comprised of 401(k) auditors who work closely with plan fiduciaries to assist with their responsibilities in remaining compliant and support its good standing. For assistance with your 401(k) audit needs, contact us today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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