Ialways say that the real reason I never hired employees for my law firm is that I was once an employee too. That means that no matter what my employer could do, there would probably be some- thing I still would complain about. I always knew better and most of the time, I did. One of the lurking dangers in your 401(k) plan is former employees who still have account balances in your plan and my sug- gestion to you is that as a 401(k) plan spon- sor, you should minimize your liability exposure by trying to get these former par- ticipants to roll out their account balance and cash them out if they are under the cash-out provision.
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