I’m a firm believer that you need to get off on the right foot if you start something new. Otherwise, you have a tough time recovering from that wrong foot. When I talk about getting off on the wrong foot, I always mention my situation with Hillel at Stony Brook. I always remember wanting to get involved with Hillel, the Jewish student organization at college. They had a welcoming barbecue the first weekend of school and after I arrived15 minutes after it started, they ran out of food. The students who had no intention of joining Hillel because they weren’t Jewish had hamburgers and hot dogs and all I got was a stale bagel. Needless to say, I never joined Hillel. Being a retirement plan sponsor is a bigger deal than joining Hillel especially when you factor in the responsibility of being a plan fiduciary, so it’s important that the employer gets on the right foot and avoids making the mistake in starting a 401(k) plan.
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