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Cryptocurrency is notoriously volatile and, quite frankly, confusing for many investors and therefore doesn’t pair well with 401k retirement planning. Although nothing under ERISA or Internal Revenue Code prohibits cryptocurrency from being included as a 401k plan option.
Cryptocurrency investments present significant risks and challenges to participants’ retirement accounts, including significant risks of fraud, theft, and loss. The Department expressed its serious concerns about the prudence of a fiduciary’s decision to expose a 401k plan.
Cryptocurrency investments present significant risks and challenges to participants’ retirement accounts, including significant risks of fraud, theft, and loss. The Department expressed its serious concerns about the prudence of a fiduciary’s decision to expose a 401k plan.
Cryptocurrency in 401k plans may prove to be a loss for retirement security. DOL issued Compliance Assistance Release No. 2022-01 to caution plan fiduciaries to be careful before considering whether to include investment options like cryptocurrency as part of a 401k plan.
Recent internal audit guidance issued by the federal Department of Labor DOL, however, directs its investigators to verify the designation of a CISO when auditing retirement plans.