Fiduciary News published an interview with Charles Field on June 20, 2017, that drove home the point — plan sponsors, service providers, and retirement fiduciaries in general should not become complacent at the cusp of a major transition.
Field, a partner in the San Diego office of national law firm Sanford Heisler Sharp, LLP and co-chair of the firm’s Financial Services Litigation practice, said that current initiatives underway could ease restrictions on open 401(k) MEPs and relieve some burdens for smaller employers. Field said, “We have reached a watershed moment for retirement planning and saving.”
His statement to Fiduciary News echoes the philosophy behind the prototype retirement plan model in use at TAG Resources. Since 2002, TAG Resources has been providing outsourcing for retirement plan sponsors and developed the Open MEP approach. After the 2012 DOL ruling, the prototype plan was developed to continue to protect the fiduciary liability incumbent to retirement plan providers.
Field concluded his interview with this comment. “Finally, the government needs to do its part by making it easier for smaller companies to offer retirement savings plans to employees. Solving the so-called “retirement crisis” by transitioning to a new model of retirement planning and savings will require a collective effort.”
TAG Resources is a pioneer in the new model of retirement planning through a collective effort. For more information on how outsourcing from TAG Resources can keep you compliant and not complacent, contact us today at 866.315.1463 or shoot us an email at firstname.lastname@example.org