Pity the poor plan sponsor.
Unless and until Congress gets its act together and passes legislation enabling some form of universal open 401(k) MEP plans, plan sponsors will continue to suffer from the burden of hiring, monitoring, and managing third-party service providers for a business they, by the grace of ERISA, have become only accidentally acquainted with.
When your primary duty is to make widgets, it’s totally understandable that plan sponsors are less proficient at overseeing their employees’ retirement plan, (see “The 3 Biggest Service Provider Mistakes 401k Plan Sponsors Make,” FiduciaryNews.com, June 27, 2017).
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Christopher Carosa
Chris Carosa has been writing a weekly article and monthly column for BenefitsPRO online and BenefitsPRO Magazine since 2011 and is a nationally recognized award-winning writer, researcher and speaker. He’s written seven books, including From Cradle to Retire: The Child IRA; Hey! What’s My Number? – How to Increase the Odds You Will Retire in Comfort; A Pizza The Action: Everything I Ever Learned About Business I Learned By Working in a Pizza Stand at the Erie County Fair; and the widely acclaimed 401(k) Fiduciary Solutions. Carosa is also Chief Contributing Editor of the authoritative trade journal FiduciaryNews.com and publisher of the Mendon-Honeoye Falls-Lima Sentinel, a weekly community newspaper he founded in 1989. Currently serving as President of the National Society of Newspaper Columnists and with more than 1,000 articles published in various publications, he appears regularly in the national media. A “parallel” entrepreneur, he actively runs a handful of businesses, including a small boutique investment adviser, providing hands-on experience for his writing. A trained astrophysicist, he also holds an MBA and has been designated a Certified Trust and Financial Advisor. Share your thoughts and story ideas with him through Facebook (https://www.facebook.com/christophercarosa/)and Twitter (https://twitter.com/ChrisCarosa).
