I love Las Vegas and I hate to gamble, which explains why I haven’t been to Atlantic City since 1995. I love the sights, sounds, the entertainment, the food, and everything but gambling. I hate gambling because I don’t like to lose and no matter what people say, the casinos win in the end. As Sam “Ace” Rothstein played by Robert DeNiro said in the movie Casino, “In the casino, the cardinal rule is to keep them playing and to keep them coming back. The longer they play, the more they lose, and in the end, we get it all.” 401(k) plans with self-directed brokerage accounts that allows participants to choose almost any type of investment is another form of gambling and a plan sponsor may unknowingly expose themselves to liability by offering this feature when plan participants “crap out”. This article is about the hidden dangers of 401(k) plans in offering self-directed brokerage accounts to plan participants.
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