George Carlin had a joke that to get off a jury, you should just tell the Judge that you can determine a person is guilty by just looking at them.<\/p>\n
Abernathy Daley 401(k) Consultants claim that 84 percent of U.S.-based retirement plans have at least one likely ERISA red flag from a regulatory and\/or fiduciary violation by looking at their Form 5500.<\/p>\n
Honestly, it\u2019s much ado about nothing. They cite as a reg flag for plans that don\u2019t cite they are participant-directed for investment, but there\u2019s no legal requirement that a plan be 404(c) compliant nor that they offer a QDIA. There are glaring errors that can be found on Form 5500, but these aren\u2019t them.<\/p>\n
I always say that every 401(k) plan has an issue that you can find if you want to, but it\u2019s not usually gleaned from a Form 5500, because those are glaring errors such as late deferral deposits or not having the right bond amount.<\/p>\n
You can be like Dean Wormer and place 84% of plans on double secret probation, but a Form 5500 isn\u2019t such a smoking gun.<\/p>\n
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