401(k) Plan Sponsors Should Focus On What The Government Is Focusing On -

In the movie Casino, Robert DeNiro as Sam “Ace” Rothstein wanted to take on the Nevada Gaming Board after they denied his request for his license. Andy Stone, a Teamster controlled by the Mafia and played by Alan King told him it was a bad idea: “The old man said, ‘Maybe your friend should give in.’ And when the old man says ‘maybe’, that’s like a papal bull. Not only should you quit, you should run!” As a 401(k) plan sponsor, you’re concerned with a lot of things as a plan fiduciary. However, the Internal Revenue Service (IRS) and Department of Labor (DOL) have covered quite a few topics to focus on. Like with the old E.F.Hutton commercials, treat the IRS and DOL like an E.F. Hutton broker, so listen when they talk.