When I was in college in the early 1990\u2019s, I was heavily involved in student politics. I would go and buy things that made me look important even when I really wasn\u2019t. I got the beeper that no one really called and I had one of those Day Runner organizers.<\/p>\n
People who grew up today have their IPads, but the Day Runner was the IPad of its day because it would include my contacts, notes, calendar of events, etc. I used to call my leather Day Runner, the \u201cfootball\u201d in honor of the military briefcase that has all the nuclear weapon launch codes that a military attach\u00e9 was attached to by handcuffs. Again, sounding more important than I really was. By the way, they actually still sell Day Runners.<\/p>\n
Plan sponsors need their own \u201cfootball\u201d. They don\u2019t need nuclear launch codes, but they do need to keep copies of their plan documents, fiduciary meeting minutes, investment policy statement, investment education materials handed out to participants, fiduciary bond, liability insurance binder, enrollment meeting attendance sheets, and valuation reports. Thanks to technology, they don\u2019t have to be in a Day Runner or a binder, then can be electronically saved after being scanned. Since paper doesn\u2019t too well to paper, fire, and the trash, a plan sponsor should save all plan information to a USB flash drive and some sort of cloud.\u00a0 This \u201cfootball\u201d will make sure the plan sponsor has all the information they need to defend themselves in an audit and\/or litigation.<\/p>\n
The plan sponsor \u201cfootball\u201d. It\u2019s just one thing that if they have, they can\u2019t fumble away. Even the New York Jets \u00a0can\u2019t fumble that.<\/p>\n
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