The 401k Operations Manager, who oversaw the 401k daily fund operations, presumably disbanded income from dormant 401k accounts to fictitious names h-e made. He then had the checks provided for his own office and deposited the funds into his own account, THE WAY THE 401(k) REPORTS WERE ROBBED Point-by-point, this pension procedures director eluded... According to a Minnesota TV station, a Wells Fargo 401( k) plan operations manager is accused of stealing 401k plan reports. If you have an opinion about scandal, you will likely desire to compare about regal assets reviews . The 401k Operations Manager, who oversaw the 401k daily account functions, allegedly paid income from dormant 401k accounts to fictitious names h-e made. He then had the checks sent to his own office and transferred the funds into his own account, THE WAY THE 401(k) ACCOUNTS WERE ROBBED Point-by-point, this retirement functions director eluded what should have been Wells Fargos own procedural and financial controls. To research more, we know you have a gaze at: precious metal ira . He: Wanted name changes on dormant 401k accounts, Provided fake Social Security numbers for your names, then Wanted the disbursements from the reports, and eventually Re-set the account information back to the original owners. Where were the procedural controls? At each step in this so-called theft, there should have been procedural controls to avoid someone from taking these steps without either an in-dependent evaluation and / or supervisory acceptance. Deficiencies in in-dependent review or supervisory oversight was only half the problem. Another half was bundling the record-keeping and the assets under-the same organization. When a 401k strategies administration and assets have reached exactly the same company, the danger of partners bypassing their own procedural controls is always present. Five Activities You Need To Take Now to Guard Your Plans Assets. You put your 401k funds to the hands of those who seem trust worthy. Whether it is greed or another need that leads to the abandonment of the duties and obligations to you, you need to defend your self and your plans assets. To discover additional info, consider glancing at: 401k rollover to gold . Here's what you should do now-- First: Talk with your plan administrator or record keeper to determine whether they are also holding your assets. You may find your record keeping is being performed by one subsidiary and your resources are now being held by still another subsidiary or division of the same organization. Second: Request a SAS -70 or SysTrust audit of-the process, procedural and financial controls on-your 401k resources. A SAS 70 audit is made to provide confidence and information to clients and their auditors about the businesses procedural and financial controls. The auditor renders an opinion o-n perhaps the controls were well designed, put into operation, and operating successfully. The SAS 70 auditors statement includes the in-dependent auditor's opinion, an outline of the service organization's controls, and the outcomes of the service auditor's methods. A SysTrust exam is designed to raise the convenience of management, consumers, and business partners with systems that help a business or specific action. In a SysTrust audit, the auditor evaluates and tests if a certain system is reliable when measured against three necessary principles: supply, security, and strength. Third: Require that all Plan data changes be certified by a Plan Representative or Trustee. Have a standard form that may be completed by the 401(k) record keeper. The information changes must then be accepted with a program representative. Usually you'll discover that the plan representative is the one offering both the knowledge and the agreement. Make sure to obtain a questionnaire of most data changes and the good reasons for the changes. Fourth: Require that all plan participant expenses be authorized and first approved by a plan representative. All programs have common distribution forms that must be completed and accepted prior to a payment. Be sure that these types are increasingly being accomplished. Have your record keeper c-omplete a form even when it's for an automatic rollover participant, one particular whose balance is between $5,000 and $1,000 and has been moved to an IRA. Just as the information changes, an accounting of disbursements from the plan must be provided for you on a regular basis. Fifth: Transfer your want to a company that will meet your financial and procedural get a handle on needs. Within the review of your plans history owner, you might find many of the procedures and essential controls lacking or non existent. If your record owner can not provide the types of methods and controls which will allow you to sleep at night, then it's time for a change. By employing the five steps now you can have one less furrowed brow. If nevertheless, you cant implement these steps now, you will be lying awake nights with one eye open for your ideas assets.. My website: http://finance.yahoo.com/news/exposes-401k-gold-ira-rollover-212500196.html http://finance.yahoo.com/news/exposes-401k-gold-ira-rollover-212500196.html http://finance.yahoo.com/news/exposes-401k-gold-ira-rollover-212500196.html