How a Plan Sponsor Can Avoid Turning Their Retirement Plan Turn into a H.R. Disaster

Ary Rosenbaum
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When it comes to recruiting and retaining employees, salary isn’t enough. Employees also seek benefits, which can be treated as tax-free compensation such as employer-provided health insurance and tuition assistance. One important employee benefit that is often used as a recruiting and retaining tool is an employer-sponsored retirement plan. Too often plan sponsors forget that the purpose of a retirement plan is to help an employee achieve tax-deferred savings for retirement. While a retirement plan is an important employee benefit, the flip side is that a poorly run retirement plan can expose the plan sponsor to liability and become a human resources disaster. This article is intended to provide advice for plan sponsors on how to avoid having their retirement plans become human relations disasters.

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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.

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