- The Internal Revenue Services enforces several regulations and codes related to 401k plans, including rules about plan administration, how funds enter and exit accounts, and responsibilities assigned to employers and fund managers. Tampering related to how 401k contributions are deducted, handled or accounted for can be reported to the IRS, which will likely investigate and may impose civil and criminal penalties depending on the nature of the situation. The IRS makes contact information available on its website.
- The United States Department of Labor oversees companies that trade securities and other financial investments. If the 401k provider tampers with or misappropriates funds or does not manage investments in accordance with its plan prospectus, a plan holder can complain to the DOL. Consumers can make official complaints on the Employee Benefits Security Administration website or by calling the DOL's national consumer line at 866-444-3272.
- Individuals who falsify their identity to gain unauthorized access to a 401k plan are committing a crime. Although the issue may eventually become a matter for the Federal Bureau of Investigation, plan holders should begin with their local police or sheriff's department. Local detectives may be able to handle the issue, but if necessary, will turn it over to state or federal authorities.
- Before bringing government officials into a case, plan holders should first seek help from the people responsible for their plan. For example, if the investment company that provides the plan is giving a plan holder a difficult time and doesn't fulfill requests, the plan holder should first report the issue to her company's human resource department or benefits administrator. Her employer may be willing to get involved, bring things to light and resolve the issue. The reverse is true if an employer is poorly administrating accounts. A plan holder may want to report mishandling to the plan provider before bringing authorities like the IRS into the picture.
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