The Top 10 Major Misconceptions Plan Sponsors Have About Their Retirement Plans

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Retirement plans can be an effective means for employee retention and tax savings. However if not operated properly, a retirement plan can inadvertently expose the employer to liability from unhappy plan participants and the federal government (namely the Department of Labor (DOL) and the Internal Revenue Service (IRS)). While most employers try to do right by their employees with their retirement plans, the employer’s lack of expertise and sophistication in the nuances of retirement plans are often taken advantage of by unscrupulous financial advisors, attorneys, accountants, and third party administration (TPA) firms. Since employers delegate plan decisions to these unscrupulous professionals, employers rely on major misconceptions about retirement plans that unwittingly exposes them to potential liability. So this article is about the ten major misconceptions that plan sponsors have about retirement plans and the retirement plan business.

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