Picking Plan Providers Because They’re Cheap Is An Awful Idea

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

My wife and I love a good bargain. We both know that any price ending at 97 cents at Costco is a discount. A lot of our vacations around the country include visiting different Costcos to see the variety of items and the regular items on sale or clearance. My wife and I are excellent shoppers because we are savvy shoppers. We like a good bargain and it’s about value, getting something in quality that is on sale. Why buy something at retail price, when you can get it in a few weeks at 30% less? As a plan sponsor, you have a fiduciary responsibility to find a bargain when it comes to picking a plan provider, but you may increase your potential liability by picking providers just because they are cheap. This article is about why you shouldn’t pick a plan provider just based on them offering a low price.

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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.

© Ary Rosenbaum - The Rosenbaum Law Firm P.C. | Attorney Advertising

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Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on:

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