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Lead attorney for plaintiffs in the MIT plan also warned about the practice of cross-selling and stressed importance of RFP process.
Some see not only savings in cost but an opportunity to help participants.
News from Willis Towers Watson, Wagner Law Group, The SRI Conference, PSCA, Pentegra, ADP, and more.
'When the second distribution came around, to a different bank, how did that not raise a red flag?' plaintiff's lawyer asks.
Regulators also seek input on how to make plan docs simpler.
Advisors who provide rollover advice must exercise caution to ensure compliance with both regimes.
The complaint says the plaintiff never authorized the distributions and never held accounts at the three banks where the distributions were wired.
If you're not in the 401(k) MEP game, the curtain is closing fast.
"For some of them, it was all of the money that they were expecting for their retirement, and they were promised it over and over."
A major disconnect can occur in how plans operate versus what the law requires, creating an opportunity for advisors to add value.