When I was a kid, I had an Intellivision. For those people born after 1980, Intelliivision was video game console that had better graphics than an Atari 2600 but people didn’t buy. One of my favorite games on Intellivision was Activision’s Pitfall that was far superior than the Atari version. Pitfall was a rip off of Raiders of the Lost Ark where the character Pitfall Harry tried to navigate a jungle by leaping over logs and using vines to jump over alligators. I actually got a patch for having a high score that my Aunt actually achieved. Plan sponsors have their own game of Pitfall, but the problem is that unlike the video game version, the pitfalls are usually invisible and are actually small mistakes. This article is how the small stuff can create the greatest liability pitfalls for 401(k) plan sponsors.
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Topics: 401k, Benefit Plan Sponsors, Bonds, Employer Liability Issues, ERISA, Fiduciary Liability, Liability, Liability Insurance
Published In: Business Organization Updates, Finance & Banking Updates, Labor & Employment Updates, Securities 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.
© Ary Rosenbaum, The Rosenbaum Law Firm P.C. | Attorney Advertising