In 2014, the Department of Labor (DOL) changed their rules and took aim at 401k Plan sponsors without proper oversight of their companies’ retirement plans. I warned business owners about the potential consequences of this in articles written for Forbes and Medical Economics. It’s time for business owners to pay attention.
If you—or your clients—own a company which offers a 401k plan to employees, we recommend you review the rules and take note of any company practices which may be actionable as soon as possible.