The term “deer in the headlights” explains the mental state of a person who shows behavioral signs that remind us of a deer subjected to a car’s headlights where the deer is in such panic that they show no motor reaction to avoid the car. A retirement plan sponsor acts like a deer in the headlights when the plan sponsor is paralyzed by fear when a plan participant has sued them or when their plan is under Internal Revenue Service (IRS) or Department of Labor (DOL) review. The retirement plan sponsor is paralyzed by fear because they don’t know the responsibilities of being a plan sponsor or what to do, so this article will help a plan sponsor avoid being the deer in the headlights if there ends up being an issue with the plan.
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Topics: Affordable Care Act, Benefit Plan Sponsors, Document Retention Policies, DOL, ERISA, Fiduciary Liability, Health Plan Sponsors, IRS, Liability Insurance, Required Documentation, Retirement Plan, TPAs
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.
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