The Rosenbaum Law Firm Review - May 2021

Ary Rosenbaum
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A Great Retirement Plan Doesn’t Happen By Accident

It doesn’t grow on trees, it’s not in the water, and it doesn’t happen by accident. It didn’t happen overnight, it didn’t happen in a vacuum, and it certainly didn’t come out of thin air. A good retirement plan takes a lot of work and it happens because there is continued vigilance by the plan sponsor. So this article is about what it takes to have a great retirement plan.

Tedious Tasks That 401(k) Plan Sponsors Need To Complete

In life, there are certain tedious tasks that we want to avoid doing. For me, it’s usually cleaning the bathroom or changing the bedroom sheets. The problem for a 401(k) plan sponsor is that despite how tedious some tasks are, they are unavoidable because (sounding like a broken record) plan sponsors have a fiduciary duty in managing their 401(k) plan. While some tasks of being a plan sponsor are tedious, they are all required tasks and failure to complete a task can cause a whole host of problems and money to fix these tasks. This article is about tedious tasks that plan sponsors need to make sure are done and done correctly.

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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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