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myk

Know why you hired them

As a plan sponsor, you have a fiduciary duty to hire competent plan providers to handle your 401(k) plan. So as part of that duty, it’s important to identify who these providers are, how you hired them, and why.   Why? Besides it being an exercise of yo...

scales

Sometimes, the litigators want a piece of you

Many years ago, I represented a defined benefit plan sponsor being investigated by the Department of Labor (DOL). The DOL thought the plan sponsor had embezzled money from the plan because the deceased actuary never provided any valuation reports and he gave t...

late

If you’re late with deferrals, it will probably happen again

People who are late are usually late most of the time. I’m usually always early for a meeting unle...

eup

Don’t fall for retirement plan euphemisms

My favorite comedian was George Carlin and George had a great act on euphemisms and how toilet paper...

win

Sometimes, it’s the luck of the draw

As an ERISA attorney for almost 21 years (my career can get its own drink), I have seen a lot of str...

mirror

Appearances matter

I always believe that appearances are extremely important and if things just don’t look right, the...

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Just correct those errors

We all know that when we make a mistake, it’s best that we correct them. Yet too many plan sponsor...

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Get those contracts reviewed

  I had a plan sponsor forward me a contract they received from their financial advisor on a pr...

tycor

Is your SIMPLE IRA plan ready for an IRS audit?

If you sponsor a Savings Incentive Match Plan for Employees (SIMPLE) and have not had the misfortune...

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Say goodbye and get them out

When a participant of yours leaves or is let go, I think one of the most important things you can do...