For most of us, when we don’t feel well, we go to the doctor. We don’t wait until things get worse, we take care of things because there may be symptoms of a disease or illness that could cause greater harm to our health if we don’t nip it in the bud. So it’s strange when 401(k) plan sponsors are told by their plan providers that there are errors and omissions in the administration of their plan that needs to be fixed and they don’t want to fix them even though they have a fiduciary duty to keep the plan in compliance with ERISA and the Internal Revenue Code. This article is as 401(k) plan sponsors, you need to fix errors and omissions in your plan before the problems grow and it gets costlier to fix.
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