Free 401(k) plan services were on the lunch-menu at many mutual fund companies, money center banks and major wire-houses until recently. But the term “free 401(k) plan” only described half of the story.
What might have been more accurate would have been for the 401(k) ‘sales person’ to state, “We do not have any additional charge to do that.”
Free 401(k) plan services was frequently a code-phrase for ‘we are making SO MUCH MONEY on your Plan – or our Relationship – that we wouldn’t feel right making any more money than we are already making!
And now, the opportunity for a free plan arises again. Learn how the Government has designed a retirement savings plan structure for companies without a retirement plan. Fred Barstein of WealthManagement.com describes the benefits that employers can take advantage of with the passage of SECURE 2.0.