Why Attorneys Should Care About Their Clients' Retirement Plans

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While plan sponsors, financial advisors, and accountants should know about the potential pitfalls of plan sponsor liability or the need to have a plan design that fits the plan sponsor’s needs, I am amazed that many attorneys show little interest in their client’s retirement plans. It’s not malpractice on their part if they have not been retained in conjunction with their plans, but it’s a sign of neglect. Non-ERISA attorneys don’t have to be ERISA experts, but I think they should be aware of what retirement plans that their clients have and if there are any potential problems with them. They should always ask their clients whether their plan has undergone a review of their practices and plan documents to ensure that there are not any lurking liability issues.

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