Features That Turn Your 401(k) Plan Into A 401(k) Disco

Ary Rosenbaum - The Rosenbaum Law Firm P.C.
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There is a difference between throwbacks vs. vintage clothing. A throwback is a sports uniform styled to resemble the uniforms that a team wore in the past. Vintage clothing are actual clothing garments from another era. I wear throwback jerseys from Mitchell & Ness and I just think wearing the actual old uniforms that a former player wore is kind of icky since I never wore hand me downs as a kids (I was the only boy in the family). Regardless of whether it’s throwback or vintage, a 401(k) plan with archaic provisions and features isn’t something to revere, it’s something to abhor since the plan sponsor could potentially be on the hook for liability or have a plan that isn’t used to its fullest potential to help plan participants. So this article is about 401(k) provisions and features that make a plan look like a disco and a disco today isn’t something that is in style.

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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.

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