401(k) Plans Are Just A Tool To Save, They’re Not Evil

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Years ago B.K. (before kids), I took weekly golf lessons. While it never showed on the golf course, I was developing a nice game. I took lessons with a curmudgeon golf pro named Kenny and the lessons were at a golf store. While I was salivating at the prospect of buying my own Callaway clubs, Kenny was insistent that a golf club was just a tool and it was dependent on how you use it. A golf club never makes the swing, the golfer does. So the newest Callaway and Titleist will slice pretty much the same way as a 50-year-old set of clubs if the golfer slices. While many television programs bemoan the fact that 401(k) plans are awful, the fact is that a 401(k) plan is merely a tool; it is dependent on how the plan sponsors and providers use it. So this article is a defense of 401(k) plans and how its usefulness is dependent on plan sponsors and their plan providers.

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Topics:  401k, Benefit Plan Sponsors, Pensions

Published In: Business Organization Updates, Finance & Banking Updates, Labor & Employment Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Ary Rosenbaum, The Rosenbaum Law Firm P.C. | Attorney Advertising

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