The Headache of 401(k) Plan Notices
Being a 401(k) plan sponsor isn’t easy and one of the biggest headaches is dealing with notices and required documents. Being an ERISA attorney for 24 years, the one area that most plan sponsors fail to fulfill their duties is the dissemination of required notices and documents, especially to former employees who still have a participant account balance in their plan.

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Concepts That You Probably Aren’t Aware Of As A 401(k) Plan Sponsor
As a child, I was never taught the birds and the bees. I was actually handed some cartoon book from my parents when I was young. My parents thought it was hilarious that they had to hand me a book about where I came from even though I had already guessed right. As a 401(k) plan sponsor, you’re always on the end of a sales pitch and you may not understand some basic, eye-opening concepts about your 401(k) plan. While I don’t have a cartoon book for you to understand your role as a 401(k) plan sponsor, this article will make you understand some interesting concepts that you had no idea of until you read to the end.

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A Good Retirement Plan Doesn’t Happen By Accident
It doesn’t grow on trees, it’s not in the water (the story about NYC water and bagels isn’t true), and it doesn’t happen by accident. It didn’t happen overnight, it didn’t happen in a vacuum, and it certainly didn’t come out of thin air. A good retirement plan takes a lot of work and it happens because there is continued vigilance by the plan sponsor. So this article is about what it takes to have a great retirement plan.

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Behaviors You Should Avoid With 401(k) Plan Providers
Like Rodney Dangerfield, retirement plan providers don’t think they get respect. They probably think that way with some of the 401(k) plan sponsors who use and abuse them. I always say that I want to treat people the way I want to be treated and I’m sure you feel the same way. This article is all about the behaviors you should avoid as a 401(k) plan sponsor in dealing with plan providers, whether they work for you or not.

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I get what Fidelity is trying to do
People are scratching their heads, the Department of Labor (DOL) had grave concerns over offering crypto in 401(k) plans, and less than a week later, Fidelity announced their plan to offer Bitcoin as an option for plan sponsors that want to offer it.

Fidelity announced it because they had this planned for months and the DOL’s guidance is just a directive, not a regulation. Back in the early 2000s and late 1990s, firms were pushing cash balance plans and the Internal Revenue Service was stressing up and down that they were not qualified plans. What happened? The promulgation of code sections and regulations allowed it. So Fidelity’s goal is to push the DOL to offer regulations and directives that will allow crypto within 401(k) plans. I think crypto in 401(k) plans is a bad idea, won’t mean that the DOL won’t allow it for good.
When Jerry Schlicter talks, plan sponsors should listen
Plan sponsors offering bitcoin in-plan as part of a plan investment lineup would expose the plan, retirement plan committee, and plan participants to many risks, says Jerry Schlichter, managing partner at Schlichter Bogard & Denton, who is well known for suing plan sponsors for fiduciary breach.

I don’t handle plan sponsors big enough to get sued by Schlicter, but I respect his opinion, and I assure you, he is looking for larger plans that will offer it.

Until the Department of Labor says it’s OK, I would tell every plan sponsor I know that crypto and a 401(k) plan shouldn’t mix.