Sponsoring a 401(k) plan is one of the best things you can do for your employees as employers. Next to health insurance, it’s probably the best thing you can provide to your employees as a benefit. The problem with sponsoring a 401(k) plan is the problems that can be associated with it. Sponsoring a 401(k) plan and not managing it correctly, reminds of the adage that the road to hell is paved with good intentions. While you may have good intentions by sponsoring a 401(k) plan, keeping your eye off of the plan and not understanding your duty in managing the plan will lead you down the road to ruin. This article is a sobering look at fiduciary responsibility that you might not have known before.
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