Market volatility in recent months has left many retirement plan participants scrutinizing their 401(k) account balances, particularly as economic conditions trigger layoffs and force employers to suspend matching and non-elective contributions. At the same time, recent years have seen an increase in 401(k) plan litigation related to plan investments, fees, and recordkeeping practices. In uncertain times, a few simple actions can improve fiduciary processes and reduce your plan's litigation risk.

1. Review cybersecurity practices and contractual protections.

As the world has shifted to remote work in light of the Covid-19 pandemic, cybersecurity risks have increased significantly. Workers have been victims of data breaches, videoconference interruptions, and email phishing schemes.