I’m a big fan of movies and I’m a big fan of the Coen brothers ever since I watched Raising Arizona almost 30 years ago. One of their greatest movies was the Best Picture Oscar-winning No Country for Old Men. The movie had a few great lines, but one really stands out because it’s a line that has much meaning in life. Javier Bardem’s character, Anton Chigurh said: “If the rule you followed brought you to this, of what use was the rule?” So much of what happens to a 401(k) plan sponsor that is a negative result, usually results from a path that the sponsor took. There are so many pitfalls that a plan sponsor needs to avoid so there are certain rules that plan sponsors really need to avoid following if they want to avoid potential liability as a fiduciary. This article is going to let you the plan sponsor know which paths and rules you need to avoid if you want to stay out of trouble over your 401(k) plan.
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