This question is now the basis for a new claim against record-keepers servicing 401(k) ad 403(b) plans. Unfortunately, Federal law is silent on this matter as is ERISA. The only provision in ERISA that remotely applies to this issue is that fiduciaries must act in the best interest of plan participants and beneficiaries for the exclusive purpose of providing retirement benefits.
Check out our blog posts below. If you have questions or comments, please email us at AskAPS@apspension.com or sign up to receive an email with our latest posts.