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Things Many Business Owners and Leaders Don’t Know About 401(k) Plans

CONTACT: Doug Giageos, RMR Advisors, 608-663-7676, dkgiageos@rmradvisors.com

Things Many Business Owners and Leaders Don’t Know About 401(k) Plans

  1. Legal obligations: As a fiduciary to your company’s plan (and therefore, your employees), you can potentially be sued for breach of fiduciary interest if your plan allows for unreasonably high fees, inappropriate fund choices or conflicts of interest.
  2. Cost: Often there are multiple layers of fees within plans and the available investment options. The impact on your employees’ retirement savings can be dramatic.
  3. Complexity: Most plans are overly complicated when they don’t need to be, taking up too much of your time that could be better spent on building your business
  4. Recently, many of the biggest 401(k) plan providers have been named in lawsuits for excessive fees and self-dealing, including Voya, UBS, and Transamerica.

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