Plan Sponsor Should Avoid These Retirement Plan Provider “Con Games”

more+
less-

The George Clooney-Brad Pitt trilogy of heist films known as Ocean’s Eleven, Ocean’s Twelve, and Ocean’s Thirteen were remembered for their twist endings, stylish pacing, and lightheartedness. Since the Ocean gang were con-men, it did introduce us to the con game jargon like using a Boesky (a wealthy bankroller with insider info); a Jim Brown (confrontation between two people, to distract lifting info); an Ella Fitzgerald (tape looped back to look like a live recording); a Bundle of Joy (pregnant woman) and a Billy Martin (a second chance). A con game is a confidence trick, which is an attempt to defraud a person or group by gaining their confidence. In the retirement plan industry, there is jargon that acts like a confidence trick because it tricks plan sponsors into using a service based on what is a con game without the criminal intent because retirement plan providers eliminate the criminal intent by having plan sponsors sign off on disclosures that plan sponsors won’t read. So this article is an introduction to terms and services in the retirement plan industry that plan providers may try to trick you into using that either does not provide what you believe it promises or it’s a little short on detail on what it really is.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

Tax

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

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

CONNECT

Ary Rosenbaum
The Rosenbaum Law Firm P.C.

Ary Rosenbaum is an ERISA/ retirement plan attorney for his firm, The Rosenbaum Law Firm P.C.. At a... View Profile »


Follow The Rosenbaum Law Firm P.C.:

Reporters on Deadline

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×
×