Who Is Liable for Retirement Plan Mistakes?

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When a 401(k) or similar defined contribution plan fails to apply the correct definition of compensation in determining benefits, fails to calculate vesting service correctly, or doesn’t make distributions to participants who need to get required minimum distributions, who is responsible? Plan sponsors are often surprised to learn that they are.

Why Your Recordkeeper Is Not Responsible

Plan sponsors may find out that they are still responsible when their plans are selected for au
https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/responsibility-for-retirement-plan-mistakes-when-outsourcing-plan-administration.aspx

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