THE NEXT 10 WEEKS WILL TELL IF YOUR 401(k)PLAN IS IN GOOD ORDER
Ladies and Gentlemen:
If you own a business or are responsible for the Human Resource benefits of a business I have news for you; some of you may be non-compliant in regards to your 401k as far as the Department of Labor is concerned, many of you have no idea what your plan costs your company and your employees. A few of you waste time in payroll and record keeping when you could be working on actual business. There are those of you that are non-compliant in your education of your employees and you have technology that’s out dated. One might be amazed at what you are paying for record keeping and fund expenses and does anybody know what the actual definition and duties of a fiduciary are and do you know if you are one?
Business owners, plan sponsors, HR people, please note that your plan data for the most part is public knowledge and also note that some financial advisors place 401k very low on their priority list; I don’t. I’m on a quest to educate the 401k decision maker so that he/she understands and knows the cost of his/her plan, that every employee understands his/her options within the plan and that the company that lets me and my team review and service its retirement plan will be prepared and ready to address audits and the Department of Labor if they knock on the door.
For the next ten weeks I am going to drip ten major aspects of the current 401k world that fiduciaries and plan sponsors need to address. Anyone having questions concerning these issues should not hesitate in getting in touch with me.
See you next week.
This information is not intended as authoritative guidance or tax or legal advice. You should consult your attorney or tax advisor for guidance on your specific situation.