401(k) Specialist Issue 2 - 2022 - 8
401(k) FIDUCIARY FILE
Fidelity's Bitcoin-in-401(k)s Plan Draws
Regulator Scrutiny
FIDELITY INVESTMENTS SENT shockwaves through the retirement
industry when it announced in late April the launch of Fidelity's workplace
Digital Assets Account (DAA), the industry's first offering that will
enable individuals to have a portion of their retirement savings allocated
to bitcoin through the core 401(k) plan investment lineup.
MicroStrategy was already lined up to be the first employer to offer
DAA in its 401(k).
The move drew instant scrutiny from regulators including the
Department of Labor (DOL) and Senators Elizabeth Warren (D-MA) and
Tina Smith (D-MN), who sent a letter in early May to Fidelity CEO Abigail
Johnson demanding answers about the strategy, particularly in light of
the DOL's recent guidance to plan fiduciaries about crypto investments.
For its part, the DOL responded quickly to Fidelity's announcement,
with Ali Khawar, acting assistant secretary of the Employee Benefits
Security Administration, telling the Wall Street Journal, " We have grave
concerns with what Fidelity has done. "
The Labor Department said it was worried about " the prudence of
a fiduciary's decision to expose a 401(k) plan's participants to direct
investments in cryptocurrencies, or other products whose value is tied
to cryptocurrencies. "
Challenges Facing Plan Sponsors Tackled
at Qualified Plan Fiduciary Summit
IN ANOTHER SIGN of normalcy returning to the industry, more
than 200 retirement industry professionals gathered in person in
Overland Park, Kansas in April for the 14th annual Qualified Plan
Fiduciary Summit, presented by Qualified Plan Advisors.
The one-day event was headlined by a keynote session from
noted ERISA attorney Fred Reish, Partner, Faegre Drinker Biddle
& Reath, LLP, who spoke on fiduciary perspectives. Reish briefed
the audience on a wide range of pertinent topics, including 2022
litigation trends, proposed regulation on " Prudence and Loyalty
in Selecting Plan Investments, " cryptocurrency, missing participants,
cybersecurity, SECURE 2.0 legislation and implications of the
Hughes v. Northwestern Supreme Court case.
The Qualified Plan Fiduciary Summit is focused on helping plan
advisors and sponsors pinpoint innovative strategies for making
their retirement plans more competitive. The event allows industry
professionals to collaborate with their contemporaries and other
service providers who attack problems with different
perspectives, skill sets and experiences.
8
ISSUE 2 2022 | 401kSpecialist.com
ONLINE
EXTRA
Scott Colangelo addresses attendees at the Qualified Plan Fiduciary Summit in Overland Park,
Kansas. Photo: QXP
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401(k) Specialist Issue 2 - 2022
Table of Contents for the Digital Edition of 401(k) Specialist Issue 2 - 2022
Table of Contents
401(k) Specialist Issue 2 - 2022 - Cover1
401(k) Specialist Issue 2 - 2022 - Table of Contents
401(k) Specialist Issue 2 - 2022 - 1
401(k) Specialist Issue 2 - 2022 - 2
401(k) Specialist Issue 2 - 2022 - 3
401(k) Specialist Issue 2 - 2022 - 4
401(k) Specialist Issue 2 - 2022 - 5
401(k) Specialist Issue 2 - 2022 - 6
401(k) Specialist Issue 2 - 2022 - 7
401(k) Specialist Issue 2 - 2022 - 8
401(k) Specialist Issue 2 - 2022 - 9
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401(k) Specialist Issue 2 - 2022 - 11
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401(k) Specialist Issue 2 - 2022 - 43
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401(k) Specialist Issue 2 - 2022 - Cover3
401(k) Specialist Issue 2 - 2022 - Cover4
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