I had a plan sponsor forward me a contract they received from their financial advisor on a previous plan. Rightfully, the plan sponsor was concerned that they received this contract out of the blue.<\/p>\n
While this plan sponsor was wi<\/a>se to reach out to me, I find that most small to medium sized employees don\u2019t reach out to counsel to review a plan contract. I find that a mistake because contracts may have hidden fees and surrender charges that non-ERISA counsel or non-counsel may be unaware of. There is nothing worse for a plan sponsor to be unhappy with a specific provider and find out that there are charges that they would be responsible for, sometimes in the tens of thousands of dollars.<\/p>\n So that is why it\u2019s wise to make sure all contracts with plan providers are reviewed by counsel.<\/p>\n <\/span><\/p>","protected":false},"excerpt":{"rendered":" I had a plan sponsor forward me a contract they received from their financial advisor on a previous plan. Rightfully, the plan sponsor was concerned that they received this contract out of the blue. While this plan sponsor was wise … Continue reading