After the downstairs play area was rebuilt after Hurricane Sandy, my wife went on a toy-buying spree to replace the board games we lost thanks to the five feet of water. My wife loves board games and the kids do too. Having discovered the Internet, I like them less so.
When it comes to being a retirement plan sponsor, sponsoring the plan isn’t just about the employees saving for retirement. It’s about playing what is essentially similar to a board game: “How to limit your liability as a retirement plan sponsor.” The concept is kind of the same as the board games Life or Monopoly. How the plan sponsor plays the limit liability game will dictate whether they will suffer pecuniary harm or not.
It may not be like Monopoly and buying up properties, but this liability board game is about making the correct moves of hiring competent plan providers such as a third party administrator and financial advisor with a process to review their work and the fees they charge. It’s not a difficult concept to understand because like a board game, life is a series of moves and the moves that a plan sponsor can take will go a long way in limiting their liability.