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If you're responsible for running a company, you have to do a lot of things you aren't particularly interested in (and often not even good at doing). For example, someone's got to clean the bathrooms. someone's got to do the bookkeeping and file the taxes every year. Company executives often hire specialists for these functions.
It turns out among those uninteresting things you'll also find the firm's retirement plan. Pension and traditional profit-sharing plans are one thing. But 401(k) profit-sharing plans really set the bar high in terms of inconvenience.
It's easy to understand when, given the choice between closing another sale and hosting a 401(k) enrollment meeting, you know which option the CEO prefers (see "Exclusive Interview: Pete Swisher Explains Why Companies Don't Care About MEPs (or PEPs or Even 401k Plans)," FiduciaryNews.com, February 19, 2020). If it's not generating revenue, then, whatever it is, it's a distraction.
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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).
