Lady Gaga. Nirvana. Counting Crows. Herbie Hancock. Yo Yo Ma.
These musicians and bands have something in common with your HR manager: They all file 5500s. Wait, what?
That’s right. For some reason I can’t quite figure out, there are a series of 5500s filed in the names of a number of famous musicians, usually with around 2-5 participants and between five- and seven-figures in assets. Most are 401(k)s, but there are a surprising number of defined benefit plans (mostly pay-related).
Lady Gaga’s 401(k) is signed by her father. Nirvana’s is signed by former bassist Krist Novoselic. Counting Crows by frontman Adam Duritz. Herbie Hancock’s by Herb himself. And Yo Yo Ma’s by… well, no one famous; probably an agent.
So what are these plans, and why are these celebrities taking time out of their busy schedules to sign them? Are they for entourages? Family? Surely the $151,028 in Lady Gaga’s 401(k) pales in comparison to her total net worth. I bet she spends that much on glitter.