Thalidomide was supposed to be the wonder drug that helped women manage morning sickness until they discovered it caused birth defects. Asbestos was supposed to be the ultimate fire resistant material that was later found out to cause mesothelioma when produced or when disturbed. When companies decided to ditch defined benefit pension plans for a cheaper alternative in the 401(k) plan, they also had a hidden danger with a 401(k) plan, but it doesn’t have to be that way. Unlike dangerous products like Thalidomide and Asbestos, a 401(k) plan doesn’t have to be a danger. If managed correctly, a 401(k) plan is an effective retirement plan for the employer and employees. If not, it’s retirement plan thalidomide except the plan sponsor doesn’t know the danger. This article is about the hidden dangers of a 401(k) plan and what steps plan sponsors can take to minimize that threat.
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