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Retirement Plan: Third-Party Managers Cross-Selling Financial Services


Thursday, May 13, 2021
Many U.S. employers offer their employees financial wellness programs to complement retirement planning and investment advice. This may include emergency savings plans and household budgeting tips, for example. Many of these employers utilize their retirement plan service providers for those trainings. Not only do those companies have the knowledge and expertise in this area, but they also have access to employee data that can yield information on the service needs and funding goals of those employees.
However, some recent lawsuits argue that when these third-party retirement plans use a plan participant’s data to sell them other financial products (e.g., high-interest credit cards, life insurance, etc.), employers are breaching the fiduciary duty to avoid conflict-of-interest transactions. This litigation has focused on classifying personal information and investment preferences as a “plan asset” similar to the money invested in the ....

New Jersey , United States , Shell Oil Co , Us Court , Us District Court , Northwestern University , Totalsource Group Inc , Seventh Circuit , Southern District , Employee Retirement Income Security Act , Source Group , Retirement Plan , Investment Advice , Ross Selling Using Retirement Plan Data , Credit Cards , Life Insurance , புதியது ஜெர்சி , ஒன்றுபட்டது மாநிலங்களில் , ஷெல் எண்ணெய் இணை , எங்களுக்கு நீதிமன்றம் , எங்களுக்கு மாவட்டம் நீதிமன்றம் , வடமேற்கு பல்கலைக்கழகம் , ஏழாவது சுற்று , தெற்கு மாவட்டம் , ஊழியர் ஓய்வு வருமானம் பாதுகாப்பு நாடகம் , மூல குழு ,

Cross-Selling of Retirement Plan Data: Are These Data a Plan Asset? | Robinson+Cole Data Privacy + Security Insider


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Many U.S. employers offer their employees financial wellness programs to complement retirement planning and investment advice. This may include emergency savings plans and household budgeting tips, for example. Many of these employers utilize their retirement plan service providers for those trainings. Not only do those companies have the knowledge and expertise in this area, but they also have access to employee data that can yield information on the service needs and funding goals of those employees.
However, some recent lawsuits argue that when these third-party retirement plans use a plan participant’s data to sell them other financial products (e.g., high-interest credit cards, life insurance, etc.), employers are breaching the fiduciary duty to avoid conflict-of-interest transactions. This litigation has focused on classifying personal information and investment preferences as a “plan asset” similar t ....

New Jersey , United States , Shell Oil Co , Us Court , Us District Court , Northwestern University , Totalsource Group Inc , Seventh Circuit , Southern District , Employee Retirement Income Security Act , Source Group , புதியது ஜெர்சி , ஒன்றுபட்டது மாநிலங்களில் , ஷெல் எண்ணெய் இணை , எங்களுக்கு நீதிமன்றம் , எங்களுக்கு மாவட்டம் நீதிமன்றம் , வடமேற்கு பல்கலைக்கழகம் , ஏழாவது சுற்று , தெற்கு மாவட்டம் , ஊழியர் ஓய்வு வருமானம் பாதுகாப்பு நாடகம் , மூல குழு ,