Growth & Inspire
I am inspired by the vines that grow outside our house. Everyday, it climbs higher and higher.
Learning is the same. If you keep learning, you will climb higher and higher. .
Plan Fiduciary Interview with ERISA Attorney, Ary Rosenbaum
In this episode, Bonnie Yam welcomes Ary Rosenbaum to discuss the complexities of 401(k) fiduciary responsibilities. Ary explains the potential consequences and penalties for failing to uphold these responsibilities and shares best practices for maintaining fiduciary compliance. The conversation covers effective strategies for reviewing and managing plan fees, identifying red flags, and preparing for audits. They also touch on the importance of voluntary compliance for delinquent filings. The episode is sponsored by Fiduciary Shield and concludes with closing remarks and expressions of gratitude.
Key Points
- Fulfilling fiduciary duties in managing a 401(k) plan requires the highest duty of care and equity, as plan sponsors are responsible for the retirement assets of others.
- Common errors that plan sponsors make include not depositing employee deferrals promptly and misinterpreting the plan's definition of compensation.
- Failing to comply with 401(k) plan requirements can result in severe penalties from the Department of Labor and the IRS, making it crucial to work with knowledgeable plan providers and regularly review plan compliance.
Chapters
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| 5:44 | |
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| 14:18 |
Transcript
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