{"id":3586,"date":"2018-06-29T21:25:01","date_gmt":"2018-06-30T01:25:01","guid":{"rendered":"http:\/\/therosenbaumlawfirm.com\/blog\/?p=3586"},"modified":"2018-06-29T21:25:01","modified_gmt":"2018-06-30T01:25:01","slug":"you-see-how-large-401k-providers-can-treat-their-employees-2","status":"publish","type":"post","link":"http:\/\/therosenbaumlawfirm.com\/blog\/?p=3586","title":{"rendered":"You see how large 401(k) providers can treat their employees"},"content":{"rendered":"

I love Clint Eastwood movies and one favorite is \u201cIn The Line of Fire\u2019.\u00a0 John <\/span><\/span>Malkovich<\/span><\/span> is playing a wannabe Presidential assassin named Leary and Clint is <\/span><\/span>playing\u00a0 Frank<\/span><\/span> Horrigan<\/span><\/span>, the Secret Service agent who is trying to catch him. For me, my favorite scene is when Clint and John <\/span><\/span>Malkovich<\/span><\/span> are on the phone and John calls Clint\u2019s character a friend.<\/span><\/span><\/p>\n

Frank <\/span><\/span>Horrigan<\/span><\/span>: I know who you are \u2013 Leary.<\/span><\/span><\/p>\n

Mitch Leary: I\u2019m glad, Frank. Friends should be able to call each other by name.<\/span><\/span><\/p>\n

Frank <\/span><\/span>Horrigan<\/span><\/span>: We\u2019re not friends.<\/span><\/span><\/p>\n

Mitch Leary: Sure we are.<\/span><\/span><\/p>\n

Frank <\/span><\/span>Horrigan<\/span><\/span>: I\u2019ve seen what you do to friends.<\/span><\/span><\/p>\n

Mitch Leary: What\u2019s that supposed to mean?<\/span><\/span><\/p>\n

Frank <\/span><\/span>Horrigan<\/span><\/span>: You slit your friend\u2019s throat.<\/span><\/span><\/p>\n

While not the same thing is slitting a friend\u2019s throat, it is amazing to me how large 401(k) providers handle the 401(k) plans of their employees. I can attest that as someone who worked for a third party administrator once, I can tell you that our 401(k) plan wasn\u2019t very good. It\u2019s kind of like the old adage about the cobbler\u2019s children having no shoes.<\/span><\/span><\/p>\n

There have been several large 401(k) providers who have been sued over their 401(k) plans. While a number of cases are outstanding at <\/span><\/span>this moments<\/span><\/span>, there have been several that have forked over millions as part of a settlement. <\/span><\/span><\/p>\n

If <\/span><\/span>these large plan providers overcharge<\/span><\/span> their own employees, does that mean they do it for their \u201creal\u201d clients? That\u2019s not for me to say, that\u2019s for an independent review to find out.<\/span><\/span><\/p>\n

<\/span><\/p>","protected":false},"excerpt":{"rendered":"

I love Clint Eastwood movies and one favorite is \u201cIn The Line of Fire\u2019.\u00a0 John Malkovich is playing a wannabe Presidential assassin named Leary and Clint is playing\u00a0 Frank Horrigan, the Secret Service agent who is trying to catch him. … Continue reading →<\/span><\/a><\/p>\n

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