Many PR firms sponsor the ever-popular 401(k) plan, aimed at helping employees save money for a financially secure retirement. However, PR agency owners and executives are often surprised to learn they may be exposed to certain 401(k) financial risks, extending beyond financial-market risks.
These additional risks arise from the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA), including regulation that certain individuals, called fiduciaries, bear personal responsibility in case things go awry. A fiduciary can ...