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401(k) Plan Sponsors Aren't Aware Of Their Own Mistakes
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They should be aware of them.
 They often say that the road to hell is paved with good intentions. Like I always say, whoever made that quote up must have been a 401(k) plan sponsor. The problem with being a plan fiduciary is the liability that goes with the position and another major problem is that the plan sponsor may not be aware that some of their decisions are big mistakes that are going to cause problems down the line. So this article is routine mistakes that a plan sponsor isn't aware of.
To read the article, click here.
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The nature of being a plan fiduciary.
 Sponsoring a 401(k) plan is one of the best things you can do for your employees as employers. Next to health insurance, it's probably the best thing you can provide to your employees as a benefit. The problem with sponsoring a 401(k) plan is the problems that can be associated with it. Sponsoring a 401(k) plan and not managing it correctly, reminds of the adage that the road to hell is paved with good intentions. While you may have good intentions by sponsoring a 401(k) plan, keeping your eye off of the plan and not understanding your duty in managing the plan will lead you down the road to ruin. This article is a sobering look at fiduciary responsibility that you might not have known before.
To read this article, please click here.
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401(k) Plan Sponsors, Make Sure Your Plan Document Doesn't Cost You
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Make sure the plan documents doesn't cost you.
 I once joked that if you wanted to hide something from somebody when I worked at a third-party administrator (TPA), you should hide it in a plan document file. Seriously, as a plan sponsor, there are many things you don't know about your plan document and you really should because the plan documents could be a major culprit in what ails your 401(k) plan.
To read the article, please click here.
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How 401(k) Plan Sponsors Should Deal With A Rollercoaster Stock Market.
It can be a scary ride.
 When times are doing well, people are on easy street. When the stock market is booming, 401(k) plan participants and fiduciaries don't seem to have a care in the world as everyone is making money. When the stock market isn't doing too well (such as now), too many plan sponsors are paralyzed through panic as they realize that their retirement savings as owners of the company are being wiped out. As plan sponsors, you're also plan fiduciaries and with liability that comes with the job, you can't afford to be paralyzed with panic. This article is all about how you can manage the rollercoaster of the stock markets and properly manage your plan.
For the article, click here.
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Another strike will be companies eliminating contributions.
It's inevitable.
 Having experienced two meltdowns in the market in the past 22 years, I feel that this Coronavirus pandemic will have a greater negative impact on the retirement plan industry. Because unemployment rates could hover at a 20-25% clip.
History has shown when times are rough in the economy, plan sponsors will cut back on employer contributions. That's just common sense.
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Check out That 401(k) Podcast.
The podcast you should listen to if you have the time.
 Please check out That 401(k) Podcast, where I co-host with Dan Venturi of Bright Worxx. We tackle important 401(k) subjects for both plan sponsors and plan providers. In addition, we talk about all the events I'm hosting. as well as important cultural allusions.
Find it
here and on Apple Podcasts
here.
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The Rosenbaum Law Firm Review, May 2020
734 Franklin Avenue, Suite 302
Garden City, New York 11530 Phone 516-594-1557 Fax 516-368-3780
Attorney Advertising. Prior results do not guarantee similar results.
Copyright 2020, The Rosenbaum Law Firm P.C. All rights reserved.
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