Tuesday, September 6, 2016

Have You Had a 401k Checkup?

The 401k model is broken.  We're fixing it. Out of all the different things you have to manage on a day to day basis to ensure your business continues to grow and remain successful, how much time do you devote to making sure your 401k plan is on track and maximizing returns for your employees' retirement savings?  We're guessing probably not much. More often than not we see managers set up their 401k plan  and forget it.  If you have the same take on it, you are doing a disservice to your business and your employees. You need a 401k plan check up and we can show you how to offer a plan with less cost, less risk and less work. 

How is the 401k model broken? There have been an incredible amount of lawsuits over excessive 401k fees. Fidelity Investments settled two employee lawsuits over its own 401k plan charging excessive fees.  They paid 12 million dollars in damages.  Morgan Stanley was sued for fiduciary breach in its retirement plan.  They were hit with a 150 million dollar suit for self-dealing and excessive fees.  Edward Jones faces a proposed class action lawsuit over excessive fees.  Neuberger Berman, Franklin Templeton, New York Life Insurance Co. and American Century all have suits for excessive fees since June 2016. 

The list goes on and on. As a sponsor of your company's 401k plan, have you made  sure you and your company are not at risk of getting sued!

Let us give you a 401k plan check up. It's FREE and with no obligation.  It may just be the smartest thing you do today. You'll likely find that we can lessen your cost, lessen your risk and lessen your work - at least with your 401k plan. You can concentrate on all the other work that goes into running a successful business.

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