• Account Access
  • Contact Us

    Pre-Sales Support

    Mutual Funds and ETFs - 800-456-7526
    Monday-Thursday: 8:00 a.m. – 6:00 p.m. ET
    Friday: 8:00 a.m. – 5:00 p.m. ET

    ETF Trading Support - 415-315-6600
    Monday-Friday: 9:30 a.m. – 5:00 p.m. ET

    Post-Sales and Website Support
    888-843-7824
    Monday-Friday: 9:00 a.m. - 6:00 p.m. ET

  • Advisor Log In

Plan Sponsors Are Being Sued for Recordkeeper Use of Participant Data

June 2020 
By Fred Reish

Several fiduciary lawsuits have been filed against plan sponsors and fiduciaries for use of participant data by their 401(k) recordkeeper. Plan sponsors should evaluate how the data is used and decide on a course of action to prudently oversee that use.


Fred Reish is an ERISA attorney whose practice focuses on fiduciary responsibility, retirement income, and plan operational issues. He has been recognized as one of the “legends” of the retirement industry by both PLANADVISER magazine and PLANSPONSOR magazine.


Several fiduciary lawsuits have been filed against plan sponsors and fiduciaries for use of participant data by their 401(k) and 403(b) recordkeepers. The plaintiffs’ attorneys assert that there is a fiduciary duty to protect participant data from use by recordkeepers to sell products and services unrelated to the plans. That could include, for example, rollovers to IRAs with proprietary investments, and sales of mutual funds and insurance products outside of the plan. 

To learn more, please contact your Hartford Funds representative.

The views expressed here are those of Fred Reish. They should not be construed as investment advice or as the views of Hartford Funds or the employees of Hartford Funds. They are based on available information and are subject to change without notice. The information above is intended as general information and is not intended to provide, nor may it be construed as providing, tax, accounting or legal advice. As with all matters of a tax or legal nature, please consult with your tax or legal counsel for advice. This material and/or its contents are current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Fred Reish.

MFDC008_6/20  218137