Think You Can Just Sign up Your Company for a 401(k) and Forget About It? Think Again.

FinancialLeadership and Management

Originally published in Entrepreneur Magazine

By Scott Wylie

Click below to watch the Video

03262108-VIDEO SS_Think You Can Just Sign up Your Company for a 401(k) and Forget About It? Think Again.

You’ve done your homework on retirement and 401(k) plans. You think you know everything you need to know about fees and returns and being a sponsor. You’re up to date.

OK, what about ERISA — the Employee Retirement Income Security Act?

Skip the class on that one? Sorry, you do need to know some of the details about this important regulation. Fiduciary responsibilities are a key area, and can be a big legal risk.

Lawsuits against companies — even small ones — have propagated against companies that don’t perfectly follow the rules.

Scott Wylie is Chairman and CEO of First Western Trust Bank.

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