NEW YORK - Fiduciary and Benefit Investors announced a program designed to protect against misappropriation of assets from 401(k) plans.
Pat Evans, assistant vice president of Zurich-American Insurance Group, said the guarantee will cover contributions from the time they are withheld from paychecks until they are deposited into the 401(k) accounts, providing participants safety against potential abuses. The coverage is in the form of a surety bond underwritten by American Guarantee and Liability Insurance and Zurich Insurance (U.S. branch).
