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- Well, that didn’t take long. In what’s becoming a routine political tug-of-war, the Trump administration (yes, back again) has rescinded the Biden-era Department of Labor (DOL) guidance cautioning plan sponsors against offering cryptocurrency in 401(k) plans. To quote every compliance officer I’ve ever met: here we go again. Now let me be clear—I love crypto. I believe in decentralization, innovation, and financial technology that isn’t stuck in the Stone Age of paper checks and fax machines. I think crypto has a role to play in the future of retirement planning. But like any shiny new object in the retirement space, it needs to be handled with a mix of curiosity, caution, and common sense. Just because the DOL has backed off doesn’t mean you should go rushing to throw Bitcoin into your investment lineup like it’s a Target Date Fund. Fiduciary responsibility doesn’t vanish with a policy shift. ERISA didn’t change overnight. If I were ever to offer crypto in a 401(k)—and I’m not saying I would, just if—I certainly wouldn’t do it through some fly-by-night crypto wallet company that promises the moon, charges you the stars, and stores your coins on a server in someone’s basement. No, I’d use a trusted custodian—someone with experience, infrastructure, insurance, and a track record of not disappearing when the market tanks. Because let’s not forget: plan sponsors have a duty of prudence. That means understanding what you’re offering, why you’re offering it, and how it fits into the larger plan structure. Offering crypto in a plan isn’t inherently imprudent—but doing it with the wrong partner absolutely is. So while the political pendulum swings, let’s remember our job hasn’t changed. We’re still here to protect participants, build smart plans, and avoid ending up as the cautionary tale at the next ASPPA conference. Stay curious. Stay cautious. And please—if you’re going to offer crypto in a 401(k), don’t let a Reddit thread be your due diligence.
- Crypto in 401(k) Plans? Sure—But Let’s Not Lose Our Minds
- Late 5500s: The Maddening Decision Not to Use the DFVCP
- The Check’s in the Mail? Why That’s a Problem for Your 401(k)
- Here we go again
Recent Comments
- John O'Reilly on You Might Be Gold, But They May Not See It
- Dale F. Smith on “Experienced” Plan Provider can mean a lot of things
- Steve on Make a sure a plan provider change is for the right reason and not to make someone $$$$$
- Dale F. Smith on Yale Law Professor scares 6K Plan Sponsors and everyone missed the point
- Sherry Gensemer on The High Fee Open MEP becomes a High Fee MEAP
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JDSupra
Categories
Monthly Archives: July 2011
The Need for Plan Sponsors to “Tune-Up” their Retirement Plans
My latest JDSupra.com article can be founds here.
Posted in 401(k) Plans, Retirement Plans
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You Don’t Need To Think Nice, Happy Thoughts about the Retirement Plan Business
When I was at law school at American University Washington College of Law, I was the Executive Editor of The American Jurist, which was the student newsmagazine for my final year of law school. I wasn’t a particularly fond fan … Continue reading
Posted in 401(k) Plans, Retirement Plans
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My video in support of JDSupra.com
JDSupra.com was the best thing that happened to my practice, so when they asked me to help with marketing their terrific service, I said “anytime”. My YouTube video can be found here.
Posted in 401(k) Plans, Retirement Plans
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Revving Up The Retirement Plan Tune-Up with Brightscope
My Retirement Plan Tune-Up, the legal review of a retirement plan for $750 now includes Brightscope analytic ratings at no additional cost. Click here for details. Click Brightscope Press Release as well.
Posted in 401(k) Plans, Retirement Plans
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For Financial Advisors, the day of wine and roses are over
In the good old days of participant directed 401(k) plans, a good chunk of financial advisors did very little work for the plans that they advised. Many of them sat back, collected their trail or asset based fee, and maybe … Continue reading
Posted in 401(k) Plans, Retirement Plans
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A Retirement Plan Sponsor’s Guide for Choosing a Financial Advisor
My latest JdSupra.com article can be found here.
Posted in 401(k) Plans, Retirement Plans
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ERISA §3(38) Fiduciaries and the Flavor of the Month
One of the most positive developments in the retirement plan business is the proliferation of independent ERISA §3(38) fiduciaries. While the §3(38) defined investment manager has been in ERISA since the beginning in 1974, there has been a dramatic increase … Continue reading
Posted in 401(k) Plans, Retirement Plans
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Retirement Plan Dentist
About a dozen or so year ago, there was a medical report that dental plaque could cause heart disease. The cynic in me tells me that this was some sort of dental conspiracy to increase revenue as fluoridated water and … Continue reading
Posted in 401(k) Plans, Retirement Plans
2 Comments
For Retirement Plan providers, empathy goes a long way
When I started my law firm about 17 months ago, I had already had a marketing guru who was handling my public relations side even when I was an associate at a semi prestigious Long Island law firm (sorry, Lois). … Continue reading
Posted in 401(k) Plans, Retirement Plans
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Misplaced Loyalty in Some Retirement Plan Providers
When I first started in the retirement plan business in 1998, I worked for a law firm that served as the counsel for third party administration (TPA) firm in Syosset, NY. There was an office worker there named Orville. I … Continue reading
Posted in 401(k) Plans, Retirement Plans
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