Wednesday, May 25, 2016
Why would ANYONE want to self-trustee a 401(k) Plan?
Very interestingly, a recent lawsuit has made a lot of noise in the retirement plan industry, but not for the reason people think. This suit doesn’t involve a famous company or a huge service provider or even a large sum of money, rather what makes this case so interesting is that it is, in fact, a very ordinary every day plan. The case I’m referring to is Damberg v. LaMettry’s Collision a $9-$10 million 401(k) plan who’s trustees (two owners) are being sued by two long term employees for excessive fees. This is the first case of this nature that is “down market” of notoriety.
Joe Reese walks through the paces of the implications here in a recent blog post on Unified Trust’s blog, linked here à http://blog.unifiedtrust.com/index.php/2016/05/25/show-me-the-money/.
Makes me wonder, why would ANYONE want to self-trustee a 401(k) Plan?
- Jason Grantz