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Foley & Lardner LLP attorneys Amy Ciepluch and Cullen Werwie authored the Practical Law article, “AI and 401(k) Plan Fiduciary Implications,” addressing AI in 401(k) plan management and key Employee Retirement Income Security Act (ERISA) fiduciary issues.
The authors provide an overview of the growing role of AI in 401(k) plan management and examine key considerations for fiduciaries under the ERISA, including how AI is being used in investment selection, plan administration, and participant engagement, as well as potential risks, regulatory concerns, fiduciary responsibilities, and the importance of a documented process for evaluating AI-related decisions.
“Given the current trajectory of AI, AI-related issues will likely become part of the fiduciary decision-making process or, at a minimum, influence decisions, requiring fiduciaries to remain vigilant and proactive in adapting to changes brought on by AI as it continues to evolve and mature,” the authors write.
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